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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In just his first two years in office, President Biden has created over 12 million jobs, lowered prescription drug costs for seniors, invested in our climate, and so much more. At 3.4%, the unemployment rate is the lowest it has been in over 50 years. We are bringing strong, good-paying union jobs back to America. Last week’s State of the Union proved that our best days are yet to come.
Last Thursday, the United States of America reached its debt limit. U.S. Treasury Secretary Janet Yellen said that extraordinary measures need to be taken to avoid the United States defaulting on its debts. We must raise the debt ceiling. This is not new spending; it is paying the bill for programs we have already approved. Republicans would rather cut Medicare, Medicaid, and Social Security, plus help the rich cheat on their taxes, than follow through with our obligations. It is time my colleagues put the livelihood of Americans first.
Welcome to the 118th Congress! In all my years in Congress, I have never experienced a week quite like last week. Instead of fighting for the American people, Republicans spent the week fighting against each other. Now that we finally have a Speaker of the House, and I have officially been sworn in for the 118th Congress, I can finally continue my work on behalf of Illinois’ 9th Congressional District.
On Friday, I voted in favor of the Fiscal Year 2023 government funding legislation. This monumental funding package will have major implications for generations to come.
This past week, we held leadership elections for the 118th Congress. I would like to congratulate Minority Leader-designate Hakeem Jeffries, Whip-designate Katherine Clark, and Chairman-designate Pete Aguilar. I have the utmost confidence in our new leaders, who truly epitomize the great diversity of our nation.
Thanks to the Inflation Reduction Act, starting in January 2023, insulin will be capped at $35 per month for Medicare beneficiaries. If the Inflation Reduction Act's $35 insulin cap was in effect in 2020, a Medicare beneficiary in Illinois' 9th Congressional District enrolled in a Medicare plan could have saved $1,433 per year. This is a matter of life and death. I held a press conference last week to highlight this important provision. We heard from a constituent who said that he often must decide between paying his bills or getting his lifesaving medication.