Social Security

Social Security is a national treasure. Without its guaranteed, inflation-adjusted benefits, about half of seniors would be living in poverty. The average Social Security retirement benefit is modest – about $17,536 a year ($2,000 less for women) but 6 in 10 seniors rely on those benefits for a majority of their income and 1 in 3 for 90 percent of more. That is why I so strongly oppose proposals to cut benefits, change the formula to reduce annual cost-of-living adjustments, or raise the age of eligibility. Social Security doesn't contribute to today's or tomorrow's deficits – by law it cannot borrow – so benefits should not be cut to reduce them. Nor do we need to cut benefits to provide for the long-term (75 year) solvency of the Trust Fund, which has a $2.89 trillion surplus. Instead, I believe that we should scrap or significantly raise the wage cap. Today, 94% of Americans pay the FICA tax on 100% of their income, up to $132,000 in annual wages. Lifting the wage cap would affect only the top 6% of all wage earners but it would solve Social Security's long-term solvency gap and, with a few other modest changes, provide enough revenues to make benefit improvements.

Those improvements would allow us to recognize the work of those who take time out of the workforce to care for family members, provide benefits to students up to age 22, and provide a higher COLA that accounts for the higher costs facing seniors today.

Resources

 

JDS report, “A Healthy Future for America’s Seniors:  The Benefits of Obamacare

 

More on Social Security

April 1, 2020 Press Release

WASHINGTON, DC - On Monday, the Internal Revenue Service (IRS) released guidance that contradicts provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that explicitly gives the Department of the Treasury authority to provide direct assistance to Social Security beneficiaries, Supplemental Security Income recipients, and Veterans Administration pension holders who do not file taxes.

February 10, 2020 Press Release

WASHINGTON, DC –  Today, Congresswoman Jan Schakowsky, Senior Chief Deputy Whip and Chair of the Energy and Commerce Consumer Protection and Commerce Subcommittee, released a statement on President Trump’s Fiscal Year (2021) budget proposal and the devastating impacts it would have on Older Americans and families across the United States:

December 13, 2019 Video

I went to the House floor to speak about the need to pass H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act.

July 30, 2019 Press Release
CHICAGO, IL – On the 54th Anniversary of Medicare and Medicaid being signed into law, Congresswoman Jan Schakowsky was joined by advocates and beneficiaries to celebrate these landmark programs.
May 3, 2019 Press Release

WASHINGTON, DC - Congresswoman Jan Schakowsky (IL-09), a Senior Chief Deputy Whip, led a letter signed by 157 of her colleagues calling for the Social Security Administration (SSA) to abandon their anti-union policies and bad-faith negotiations with the American Federation of Government Employees (AFGE).

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