Thursday, June 22, 2017

Lawson introduces bill to extend life of Social Security

U.S. Rep. Al Lawson (FL-5) has introduced legislation that would extend the life of Social Security by 15 years to 2049.

“Social Security plays a critical role in our economy as it provides for over two-thirds of our nation’s retirees, and provides financial security to millions of disabled workers and their children,” said Lawson.

“However, as the program is currently operating, the Social Security trust fund will be depleted by 2034. That’s why I’m proud to introduce the Social Security for Future Generations Act of 2017, along with 17 co-sponsors and support from six organizations, including Social Security Works and the National Committee to Preserve Social Security & Medicare.” 

Lawson’s bill would extend the life of the trust fund to 2049 while also:
  • Extending student benefits to age 22
  • Creating a sustainable benefit for individuals who lose a spouse or loved one
  • Providing an across the board benefit increase through cost-of-living adjustment
  • Applying payroll tax on wages above $250,000
  • Establishing a special minimum benefit for long-term low-wage workers
“We are in a unique position to make targeted benefit increases to vulnerable beneficiaries and extend the trust fund solvency so that future generations are able to benefit from social insurance and retirement in a way that is equitable and sustainable,” Lawson continued. “I call on my colleagues in the House to join me in increasing benefits and extending the life of one of our nation’s most sacred commitments.”

Co-sponsors of the bill include Reps. Alma Adams, Lisa Blunt Rochester, Brendan Boyle, Tony Cardenas, Steve Cohen, John Conyers, Adriano Espaillat, Dwight Evans, Alcee Hastings, Eleanor Holmes Norton, Marcy Kaptur, Robin Kelly, Barbara Lee, James McGovern, Donald McEachin, Nydia Velazquez, and Frederica Wilson.

Organizations supporting the bill include Social Security Works, the National Committee to Preserve Social Security & Medicare, Alliance for Retired Americans, Justice in Aging, The Arc of the United States, and the Latinos for a Secure Retirement.

You can read the full text of the bill here.

No comments: