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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Last week, House Republican leadership canceled planned votes amid a revolt by conservative members that brought votes on the House floor to a halt. Many far-right members are retaliating after Republican leadership negotiated with President Biden to raise the debt limit, avoiding a catastrophic debt default. Now, these far-right members are holding the floor of the House of Representatives hostage.
An economic disaster has been averted thanks to President Biden and his negotiating team, who did the best they could in the midst of a hostage situation. Thanks to the president’s leadership, the Republicans were unable to make cuts to crucial programs like Social Security, Medicare, and Medicaid. President Biden was able to protect his landmark pieces of legislation, the Inflation Reduction Act, including the bill's historic climate provisions, the Infrastructure Law, and the Chips and Science Act.
WASHINGTON – Today, U.S. Representative Jan Schakowsky (IL-09), a Chief Deputy Whip, Senior Budget Committee Member, and Executive Board Member of the Congressional Progressive Caucus, released the following statement after voting against H.R. 3746, the Fiscal Responsibility Act of 2023:
Treasury Secretary Janet Yellen said the projected debt ceiling deadline is extended to June 5, four days later than previously estimated. In the meantime, Kevin McCarthy and the Republicans in Congress are still pushing for cruel budget cuts that will harm millions of Americans. One of my GOP colleagues even said that Republicans "don't feel like negotiating with their hostage." The lives of Americans are not a game. The GOP must stop holding the most vulnerable among us hostage. Democrats in Congress will continue to fight back against these awful proposals.
The GOP said the quiet part out loud, "they don't feel like negotiating with their hostage." One of their hostages is Janet, a constituent of mine who relies on her Social Security Disability because she is unable to work. Janet's life is not a game.
Meet Janet from Chicago. She’s on Social Security Disability because she suffers from a chronic mental illness. She wants to work but can’t. Republicans holding our economy hostage puts her only income at risk. There are millions of Janets around the US. Don’t hold Janet hostage!
On Friday, the Supreme Court granted the Department of Justice’s emergency stay application in Alliance for Hippocratic Medicine v. FDA, preventing a lower court decision from going into effect that would have put women’s health at risk and undermined FDA’s medical judgment. For now, Mifepristone, which is used in 54% of all abortions, remains safe, legal, and available. But let me make it clear – the battle is not over. I will continue to fight and advocate for bodily autonomy and reproductive freedom.
As Republicans threaten cuts to Social Security and other essential federal programs, I have now introduced legislation that would expand Social Security benefits by $2,400 a year and ensure Social Security is fully funded for the next 75 years – all without raising taxes by one penny on over 93% of American households that make $250,000 or less. The Social Security Expansion Act will help ensure that everyone in America can retire with the security and dignity they deserve after a lifetime of hard work.