A crisis for seniors who rely on Social Security

 By Rep. John Larson (D-Conn.) - 06/10/15 05:31 PM EDT Photo credit:  Greg Nash
By Rep. John Larson (D-Conn.) – 06/10/15 05:31 PM EDT Photo credit: Greg Nash

It seems every time we talk about the long-term future of Social Security, many in Washington start clamoring to raise the retirement age or propose other ways to trim Social Security’s modest benefits. Those calling for cuts are missing the dire state of retirement security for the typical American. Traditional pensions have become a thing of the past, and stagnant wages are making it harder and harder to put aside savings. For the two-thirds of retirees who rely on Social Security for a majority of their income, there is not a Social Security crisis, there is a retirement crisis. That is why we must preserve and enhance the one program Americans have always been able to count on.

Just the other week I sat down with seniors in Glastonbury, Conn., to discuss our nation’s retirement crisis. These men and women hail from all walks of life: veterans, small-business owners, homemakers and machinists. They’ve built and rebuilt this country through wars and recessions. I spoke with one man who spent his life as a lineman, his fingers now crooked and gnarled from a lifetime helping to usher America into the Digital Age. Can we really in good conscience ask the millions of men and women, who have already given so much, to keep pushing well past their breaking point? How does it make sense to push the retirement age ever higher or cut benefits at a time when people need them most?

We can shore up Social Security for future generations without needlessly slashing benefits for people like those seniors in Glastonbury or their children and grandchildren. That is why I have been joined by more than 60 of my colleagues in putting forth H.R. 1391, the Social Security 2100 Act.

Rather than cut benefits or hike the retirement age, this proposal would increase benefits across the board. It would provide a better cost-of-living adjustment that would reflect the true cost seniors incur, such as higher medical expenses. It would also ensure that those who have paid into the system won’t retire into poverty by increasing minimum payments. Because more seniors are working into their retirement years, this proposal provides a tax cut to 11 million beneficiaries by raising the level of income individuals and couples can earn before their Social Security benefits are taxed. All of these provisions will strengthen and enhance Social Security for current beneficiaries and generations to come.

The Social Security 2100 Act keeps the system solvent for the next 75 years and beyond, according to the independent analysis of the Social Security Administration’s chief actuary, and does so without cutting benefits or contributing a dime to the deficit.

How do we do this? First, we ask individuals making more than $400,000 a year to contribute into Social Security in the same way as the rest of us. Currently, those with earnings above $118,500 no longer have to pay into the system. To put it another way, LeBron James has made his yearly contribution to Social Security by about lunchtime on New Year’s Day.

Second, we slowly introduce an increase to the contributions both workers and employers make. Over the span of 25 years, it would mean an additional 0.05 percent each year. A worker making $50,000 a year would pay an additional 50 cents per week each year to Social Security.

Read more at The Hill

Why Is No One Talking About the GOP’s Plan to Send Millions of Disabled Americans Into Poverty?

House Speaker John Boehner and Senate Majority Leader Mitch McConnell on Capitol Hill, February 10, 2015 (AP Photo/J. Scott Applewhite)
House Speaker John Boehner and Senate Majority Leader Mitch McConnell on Capitol Hill, February 10, 2015 (AP Photo/J. Scott Applewhite)

By William Greider

Despite their virtues, many conservative Republicans have an unfortunate habit of picking on the weak and disadvantaged, slandering the people least able to fight back. We saw a glimpse of this callousness in Mitt Romney’s disparagement of the “47 percent” who are “takers” living off the hard-working “makers.” The newly empowered GOP majority in Congress is going down the same road—targeting the millions of sick or injured Americans who receive Social Security disability payments.

This is a favorite old canard of self-righteous right-wingers. They label these unfortunate people as shiftless and suggest none too subtly that many are faking their injuries and illnesses. The GOP has been pushing this cold-hearted slander for at least thirty-five years, ever since the glorious reign of Ronald Reagan in the 1980s (who remembers Reagan’s imaginary “Welfare Queen” who drove to pick up her welfare check in a Cadillac?).

McConnell-Boehner Republicans are now reviving the Gipper’s big lie, claiming the Social Security system is in crisis because of swollen disability benefits. Allegedly to save the system, these so-called fiscal conservatives intend to cut benefits and throw out those supposedly able-bodied slackers. Once again, their facts are bogus. Never mind, their story line is concocted to arouse anti-government resentment among people who are themselves strapped for income.

Read more at The Nation