Strengthening Social Security

Statement

Social Security is a critical program that provides important support for millions of seniors. This week, I agreed to cosponsor the Strengthening Social Security Act, H.R. 3118, which would increase benefits for Social Security beneficiaries while also further strengthening the financial standing of the program's trust fund. This bill would phase out the current taxable cap to ensure that resources are available for future generations to receive the benefits they earned. The legislation also changes the way cost of living adjustments (COLA) are calculated to better reflect the needs and increasing costs of healthcare for seniors. It makes these changes while also improving the long-term solvency of the program.

I support our Social Security system and the benefits it provides to our seniors, survivors of beneficiaries, Americans with disabilities, and their families. It is important that we preserve the guarantee associated with Social Security and continue the system in a sustainable way. In 1960, before the establishment of Medicare and Medicaid, and before Social Security provided supplemental income to seniors and people with disabilities, poverty among the general population was at 22 percent. Among people over the age of 65, poverty reached 35 percent. Today, the poverty level among the general population is at 15 percent and the poverty level among those aged 65 years and older has dropped to 9 percent. Significant improvements made to health care, housing, and income assistance encouraged an almost 75 percent decrease in poverty among our seniors, and reversing these policies would undoubtedly undo much of the progress we have made. Today, over 56 million people are receiving Social Security benefits.

I do not support cutting benefits to people dependent on Social Security nor do I support privatizing our Social Security system because doing so would undermine the system and actually make the problem worse. Please know that I will continue to fight to make the Social Security and Medicare programs available for current and future workers and I will be sure to keep your thoughts in mind as I continue to evaluate proposals.

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