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.
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Once again, House Democrats saved the day by helping pass a continuing resolution, averting a catastrophic shutdown of the government. A total of 106 Republicans, nearly half of the entire House Republican Conference, voted against the continuing resolution and were prepared for a government shutdown. This is now the third time that Democrats have stepped up to prevent a shutdown. With the passage of this legislation, we have extended the deadlines to pass our appropriations bills to March 1st and March 8th.
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Last week, Republicans on the House Budget Committee hosted a hearing centered around the idea of creating a so-called “fiscal commission.” The hearing made it crystal clear what their real goal is: decimate Social Security and Medicare behind closed doors. Over a decade ago, I served on the National Commission on Fiscal Responsibility and Reform, better known as the Bowles-Simpson Commission. That commission failed, but not before its co-chairs tried to make deep cuts to the American people’s hard-earned Social Security and Medicare benefits.
Right now, we are only four days away from a government shutdown and Kevin McCarthy and the Republicans continue to put forth extreme legislation that has zero chance of passing the Senate. Republicans would rather shutdown our government than reach a bipartisan agreement. What we are seeing is a total collapse of the proper operations of government on the part of the Republicans.
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Last week, Republican chaos resulted in an early start to the August work period, leaving 11 appropriations bills to be discussed when we get back to Washington next month. To pass the budget on time, all these bills must be signed into law by the end of September. Unfortunately, many of my Republican colleagues would rather facilitate a government shutdown than support pragmatic policies in these must-pass bills.
After seven straight weeks in Washington, I wish I could tell you that Congress passed legislation to better the lives of everyday Americans. Unfortunately, I cannot. House Republicans spent the majority of the time putting forward legislation that has no chance of becoming law. Last week was a perfect example. In a partisan power grab, House Republicans voted to censure Rep.
Last week, House Republicans continued to push forth their agenda that will harm everyday Americans. The Republican Study Committee, which is composed of over 170 House Republicans, put forward their plan to strip away the Social Security benefits that Americans have worked so hard to earn. This is theft and we cannot stand for it; Americans deserve to retire with dignity and respect.
