What the People Want to See Done to Save Social Security

Our lawmakers can’t agree on anything these days, but it seems the American people are united on one front — something needs to be done to save Social Security.

U.S. Senator Bill Cassidy, M.D. (R-LA) recently addressed his colleagues on this matter, delivering a speech on the U.S. Senate floor highlighting Americans’ desire to see Washington address the looming financial crisis facing Social Security. The senator believes he has his pulse on what the people want because he has been talking to Americans visiting the Capitol about what they want to see done to save Social Security. He has produced a video, called Bill on the Hill, of these conversations.

The Big Idea

Senator Cassidy believes he knows the best way to secure Social Security solvency. He’s dubbed it the “Big Idea.” It calls for creating an investment fund separate from the Social Security Trust Fund that would tie the success of American seniors to the growth of the American economy. 

According to Sen. Cassidy, “It wouldn’t raise the retirement age to 70, as some suggest. And it would not touch the way Social Security payments are distributed, ensuring no one sees a disruption in their benefits.” He says not only would his “Big Idea” work, but it could pass in a highly partisan Congress.  

A Better Idea

The Seniors Trust believes the best way to save Social Security is the Social Security Expansion Act. This landmark bill buttresses the long-term solvency of Social Security by expanding benefits for seniors — not cutting them.

When passed, this legislation will:

• Extend the solvency of the Social Security trust fund through 2096, by requiring the wealthiest Americans to pay their fair share. This legislation would lift the income tax cap, which currently stands at $160,200, and subject all income above $250,000 to additional Social Security Payroll tax. Under this bill, more than 93 percent of households would not see their taxes go up by one penny.
• Expand Social Security benefits across-the-board for current and new beneficiaries. Under this bill, Social Security benefits for someone turning 62 next year would be $200 per month higher. That’s welcome news during this time of record-high inflation.
• Increase Cost-of-Living Adjustments (COLAs). This bill would more accurately measure spending patterns of seniors by adopting the Consumer Price Index for the Elderly (CPI-E), which would change the formula to reflect what seniors spend a disproportionate amount of their income on such as health care and prescription drugs.

If this is something you can support, please sign our petition to Congress and join us as we work to improve the lives of senior citizens.