Expand Social Security Now!
The American people know that our Social Security system works, and during the economic collapse of 2008 they saw that while their home equity, 401k’s and savings were devastated, Social Security was the one source of retirement security that people could rely on.
We can expand Social Security benefits. Senator Tom Harkin (D-IA) has a proposal that will do just that: The Strengthening Social Security Act of 2013.
According to Senator Harkin's office, The Strengthening Social Security Act of 2013 (S. 567) would:
- Strengthen Benefits by Reforming the Social Security Benefit Formula: To improve benefits for current and future Social Security beneficiaries, the Act changes the method by which the Social Security Administration calculates Social Security benefits. This change will boost benefits for all Social Security beneficiaries by approximately $70 per month, but is targeted to help those in the low and middle of the income distribution, for whom Social Security has become an ever greater share of their retirement income.
- Ensure that Cost of Living Adjustments Adequately Reflect the Living Expenses of Retirees: The Act changes the way the Social Security Administration calculates the Cost of Living Adjustments (COLA). To ensure that benefits better reflect cost increases facing seniors, future COLAs will be based on the Consumer Price Index for the Elderly (CPI-E). Making this change to Social Security is expected to result in higher COLAs, ensuring that seniors are able to better keep up with the rising costs of essential items, like health care.
- Improve the Long Term Financial Condition of the Trust Fund: Social Security is not in crisis, but does face a long-term deficit. To help extend the life of the trust fund the Act phases out the current taxable cap of $113,700 so that payroll taxes apply fairly to every dollar of wages.
Combined, these changes will increase benefits for current and future beneficiaries while making Social Security stronger for future generations by extending the life of the Trust Fund through 2049.
By making millionaires and billionaires pay the same rate as the rest of our do, we can expand Social Security for all Americans.
We need every single member of Congress to hear from their constituents. Tell them you are sick and tired of these conversations about how much to cut from our earned benefits, tell them now is the time to expand Social Security.
Tell them to sponsor The Strengthening Social Security Act of 2013 (S. 567) or its companion in the House.