MAJORITY WHIP CLYBURN STATEMENT ON INTRODUCTION OF THE SOCIAL SECURITY 2100: A SACRED TRUST LEGISLATION
Washington, DC - U.S. House Majority Whip James E. Clyburn issued the following statement today on the introduction of the Social Security 2100: A Sacred Trust legislation:
“I am pleased to co-sponsor Rep. John Larson’s Social Security 2100: A Sacred Trust, and I want to thank him for being a leader on this issue since coming to Congress.
“Social Security is one of the most successful anti-poverty programs there is, but there are still faults in the program, which disproportionately disadvantage people of color. The legislation being introduced today will repair these faults, helping to address persistent racial disparities in income and wealth.
“While this bill will help address racial inequities, it will also enable Social Security to bring more seniors of all backgrounds out of poverty and provide them the dignity they have earned. It is the right approach for all Americans.
“Social Security 2100 increases benefits across the board, modifies cost-of-living adjustments to more accurately reflect costs faced by seniors, ensures that everyone can retire without falling into poverty, improves benefits for widows and widowers from two-income households, increases assistance for children living with grandparents and more.
“There are currently almost 150,000 Social Security recipients in the Congressional district I represent. They receive a total of $189 million in monthly payments, with the average payment of $1,270. This legislation will improve the quality of life for those that depend on this earned benefit.
“Even as this legislation increases benefits, it also extends the solvency of the program by four years by applying the same payroll tax rate paid on income below $142,800 to income above $400,000. It keeps President Biden’s promise to not raise taxes on anyone making below that amount.
“Over the past 40 years, the incomes and wealth of those at the top have skyrocketed, while many Americans have struggled to get ahead. This legislation will help mitigate the consequences of these inequities by strengthening Social Security for those who need it most.”