Sanders Pushes for Social Security Expansion

May 15, 2017  
Filed under Aging Parents, Health & Wellness

“Anyone who tells you Social Security is going broke is lying. We can increase Social Security benefits for millions of Americans and extend the life of Social Security if we have the political will to tell the wealthiest Americans to pay the same rate as everyone else.”
 - Bernie Sanders

“Anyone who tells you Social Security is going broke is lying. We can increase Social Security benefits for millions of Americans and extend the life of Social Security if we have the political will to tell the wealthiest Americans to pay the same rate as everyone else.”
 – Bernie Sanders

Earlier this year, Sen. Bernie Sanders (I-Vt.) introduced legislation to expand Social Security benefits and strengthen the retirement program. Rep. Peter DeFazio (D-Ore.) introduced a companion bill in the House.

“It is time to expand Social Security, not cut it,” Sanders stated in a press release.

Sanders’ bill is intended to ensure that Social Security could pay every benefit owed to every eligible American for the next 61 years, according to an analysis by the retirement system’s chief actuary.

The bill was read twice on the Senate floor, and is now in the Senate Committee on Finance, according to staff at Sanders’ Burlington office.

“Anyone who tells you Social Security is going broke is lying,” Sanders said. “We can increase Social Security benefits for millions of Americans and extend the life of Social Security if we have the political will to tell the wealthiest Americans to pay the same rate as everyone else.”

The bills would increase benefits by about $1,300 a year for seniors now making less than $16,000 annually.

“At a time when more than half of older Americans over the age of 55 have no retirement savings, our job is to expand Social Security to make sure that every American can retire with the dignity and the respect that they have earned and deserve,” Sanders said.

The legislation also would make the wealthiest Americans—those with incomes of more than $250,000 a year—pay the same rate into the retirement system as everyone else already pays. Current law now caps the amount of income subject to payroll taxes $127,200. Under the proposal, only the top 1.6 percent of wage earners would pay more under the proposal, according to the Center for Economic Policy Research.

“This is not a radical idea. In fact, it is supported by the overwhelming majority of Americans, Democrats and Republicans alike,” Sanders said.

 

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