Progressive lawmakers unveiled legislation that would increase Social Security benefits by at least $200 per month and prolong the program’s solvency for decades by finally requiring wealthy Americans to pay their fair share.
“Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need,” the chair of the Senate Committee on Health, Education, Labor, and Pensions continued.
Despite this long legacy of combatting poverty, more must be done to strengthen the program, not cut it. While the average Social Security benefit is only $1,688 a month, nearly 40% of seniors rely on Social Security for a majority of their income; one in seven rely on it for more than 90% of their income; and nearly half of Americans aged 55 and older have no retirement savings at all.
Contrary to the claims of GOP lawmakers who are clamoring to slash benefits and postpone eligibility, the latest annual Social Security trustees reportthat the program has a $2.85 trillion surplus in its trust fund, enabling it to pay 100% of promised benefits through 2035, 90% for the next 25 years, and 80% for the next 75 years.
In addition to lifting the tax cap to boost benefits by $200 each month for all recipients, the Social Security Expansion Act would increase Cost-Of-Living-Adjustments by adopting a more accurate measure of inflation, improve the Special Minimum Benefit to help keep low-income workers out of poverty, and restore student benefits up to age 22 for children of disabled or deceased workers.
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