House Democrats and other progressive groups are currently urging Congress to focus on legislation that would strengthen Social Security.
The piece of legislation, led by Congressman John B. Larson, entitled “The Fierce Urgency of Now—Social Security 2100: A Sacred Trust” has 5 main key points:
- Increases Social Security benefits for seniors who need it now!
- Protects benefits preventing a 20% cut in 2034
- Benefits have not been improved in more than 50 years
- Americans have not recovered from the Great Recession and the COVID pandemic“
- The bill is fully paid for by making millionaires and billionaires pay their fair share
“It’s been 50 YEARS since Congress has made any improvements to Social Security benefits. I’m proud to be working with Rep. John Larson to not only protect but enhance this program that workers pay into with every single paycheck,” says Rep. Pramila Jayapal (D-Wash.) in a tweet.
According to a fact sheet on the proposed legislation, H.R.5723 would make changes to Social Security that include bumping up current beneficiaries’ benefits by roughly 2%; changing the cost-of-living adjustment (COLA) formula to adjust for inflation; helping out low-income workers by setting the minimum benefit at 25% above the poverty line; eliminating the five-month waiting period to receive disability benefits; enacting caregiver benefits so that those who step away from the workforce aren’t penalized for caring for dependents; and applying the payroll tax to wages above $400,000, reports Common Dreams.
“We simply cannot and must not sit by and allow millions of our fellow citizens, who worked hard their entire lives, to spend their golden years living in poverty. Every day we delay means more suffering for millions, suffering that can be greatly alleviated by enacting the important program improvements in H.R. 5723,” says Max Richtman, president and CEO of National Committee to Preserve Social Security and Medicare.