Washington, DC – Today, Representative Lois Frankel (FL-21) released the following statement after joining Congressman John Larson (CT-01) to introduce the Social Security 2100: A Sacred Trust Act as an original cosponsor.
“Social Security is our nation’s most important program for millions of older Americans, and it is our responsibility to ensure it is protected for future generations,” said Rep. Frankel. “This important legislation follows through on our promise to take care of our seniors by providing a bump in benefits to older Americans who rely on this program today and protects the longevity of the Social Security by asking millionaires and billionaires pay their fair share.”
The Social Security 2100 Act would:
Provide a benefit bump for current and new beneficiaries of around 2 percent to help address the current retirement crisis.
Protect against inflation by improving the annual cost-of-living adjustment (COLA) formula to better reflect the costs incurred by seniors.
Extend the depletion date for when a 20 percent cut to benefits would occur to 2038, giving Congress more time to ensure the long-term stability of the program.
Protect low-income workers to ensure that anyone who paid into Social Security over their lifetime can retire with dignity.
Establish a Social Security Trust Fund to ensure all benefits are paid.
Improve benefits for widows and widowers in two-income households.
End the five-month waiting period for disability benefits.
Provide caregiver credits to ensure that caregivers are not penalized in retirement for taking time off to care for children or other dependents.
Extend benefits for students through the age of 26.
Increase access to benefits for children who live with grandparents or other relatives.
Ensure that millionaires and billionaires pay the same rate as average Americans, a provision that would only impact the top 0.4 percent of wage earners.
The bill now goes to the Ways and Means Committee for review.
