Jackpine Elders

For first time in years, Congress actively planning to improve Social Security

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  • #59560

    eridani
    Donor
    • Total Posts: 5,309
    @eridani

    For first time in years, Congress actively planning to improve Social Security

    By contrast, congressional Democrats have introduced several measures. Two of them – the Social Security 2100 Act, introduced by Rep. John Larson (CT), and Social Security Expansion Act, introduced by Sen. Bernie Sanders (VT) – merit special mention. Both bills would not only ensure all promised benefits are paid in full and on time for the foreseeable future – they would also implement more sensible cost-of-living adjustments for seniors, increase Social Security’s modest benefits, and lift the cap on taxable earnings to ensure the wealthy pay their share.

    Rep. Larsen has already held hearings on his bill, and Social Security’s future more broadly — and if you’re looking for further confirmation that Democrats are serious about improving Social Security, there’s also this: nearly every 2020 presidential candidate serving in Congress is a member of the bicameral Expand Social Security Caucus.

    As well they should! With over half (52 percent) of American households headed by someone of working age who will not be able to maintain their standards of living in old age (rising to roughly two-thirds when health and long-term care costs are also considered), expanding and improving Social Security is the obvious solution to a looming retirement income crisis.

    Workers, if they’re lucky, have 401(k) and other retirement savings plans, which studies have proven inadequate, while traditional employer-sponsored defined benefit pension plans are disappearing. Around half of households aged 55 or older (46 percent) had zero retirement savings in 2016. Indeed, 41 percent of American households headed by someone aged 35 to 64 is projected to run out of money in retirement.

    Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

  • #59666

    HassleCat
    Member
    • Total Posts: 2,913
    @hasslecat

    I’m worried this will go just like Obamacare. Start with a good basic proposal. Then water it down to get votes from the traitors and cowards. We could end up raising retirement age, cutting benefits, raising SS taxes on working people, putting money into the stock market, etc, etc. Never underestimate the power of greed.

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