increase cost-of-living-adjustments (COLAs) for recipients by adopting the Consumer Price Index for the Elderly (CPI-E).expand Social Security benefits across-the-board for current and new beneficiaries by $200 a month. ![]() But if Congress does not act before then, there would be sufficient income coming in to pay only 77% of scheduled benefits at that time.Īccording to a summary, the Social Security Expansion Act would: The Social Security Board of Trustees’ annual report released June 2 shows that the asset reserves of the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to become depleted in 2034-one year later than projected last year. And we will do that by demanding that the wealthiest people in America finally pay their fair share of taxes.” “Our job must be to expand Social Security so that every senior citizen in America can retire with the dignity they deserve and every person with a disability can live with the security they need. “At a time when half of older Americans have no retirement savings and millions of senior citizens are living in poverty, our job is not to cut Social Security,” Sanders said in a statement. ![]() Peter DeFazio (D-OR), along with more than 15 cosponsors, introduced companion legislation in the House of Representatives. ![]() Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), Cory Booker (D-NJ), Kirsten Gillibrand (D-NY), Jeff Merkley (D-OR), Alex Padilla (D-CA) and Sheldon Whitehouse (D-RI). The Social Security Expansion Act was introduced June 9 in the Senate by Sen. Coming on the heels of the latest trustees’ report showing that Social Security faces long-term funding problems, legislation has been introduced in both the House and Senate that seeks to expand benefits by $2,400 a year and fully fund it for the next 75 years.
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