Chairman Larson Holds Hearing on Comprehensive Legislation to Enhance Social Security

Washington, D.C. – Today, Chairman John B. Larson (CT-01) held a hearing focused on comprehensive legislative proposals to enhance Social Security, including the Social Security 2100 Act. The Social Security 2100 Act would ensure Social Security remains fully solvent beyond the next 75 years while enhancing the hard-earned benefits the program provides particularly for the middle class. It has more than 200 cosponsors.

"Social Security isn't an entitlement, it is the insurance Americans pay for with every paycheck. That's why it's called FICA, the Federal Insurance Contribution Act. Today's hearing highlighted the fact that we need to act. Seniors, widows, dependent children, and people with disabilities rely on Social Security. No matter what happens, Social Security is there for them, because it is backed by the full faith and credit of the United States government," said Larson. "The Social Security 2100 Act will enhance benefits and ensures the program meets the needs of both current retirees and future generations."

Dianne Stone, Director of the Newington, CT Senior and Disabled Center, testified at the hearing stating: "Out of the thousands of people in Newington who receive Social Security, it would be difficult to find anyone who would say its not important. It is the foundation of retirement income for all Americans. . . . The people who come to see us in our offices are those who are struggling. They are the people who are having trouble making ends meet. . . . Rose was born in 1918. In 1919, life expectancy for a woman was 56. She started working at age 17 in 1935 - the year that Social Security was signed into law. . . . The Burns planned for their retirement. At age 65, when she was at full retirement age, Rose could have expected to live to 83. . . . Rose now receives $1,208 in Social Security . . . . Rose celebrated her 100th birthday last October. I asked Rose what Social Security meant to her and she simply said, ‘it's what I live on.'"

Shaun Castle, a veteran, and the Deputy Executive Director of Paralyzed Veterans of America, also testified stating: "As Congress looks to reform Social Security, I want to thank you Mr. Chairman for introducing the Social Security 2100 Act. We agree with your basic premise that Social Security is a vital public insurance particularly because all of our members benefit in some way from this program, whether it is the benefits that afford them a secure retirement, protect their survivors and dependents, or enable them to manage living with a disability with dignity . . . . This legislation demonstrates that preserving and strengthening Social Security can be done without causing harm to beneficiaries, many of whom rely heavily on its programs for their economic security."

"For years, our members have told us that they want and need their Social Security benefits boosted. They want fairer cost-of-living adjustments that reflect retirees' true living expenses. They want the wealthy to start paying their fair share in Social Security payroll contributions. And, because the program is so popular, even today's workers are willing to gradually pay more to guarantee that they and other future retirees receive their full earned benefits. The 2100 Act achieves all of that — and more," said Max Richtman, President and CEO of National Committee to Preserve Social Security and Medicare in his testimony in the hearing today.

"I commend Chairman Larson and his more than 200 cosponsors for their support of the Social Security 2100 Act which expands benefits, without cuts, while restoring it to long-range actuarial balance. . . . Chairman Larson and his cosponsors are to be applauded for their bold, wise steps with respect to Social Security," said Nancy Altman, President of Social Security Works in her testimony.

"The Social Security 2100 Act, introduced by Chairman Larson in the House on January 19 of this year (and by Senators Blumenthal and Van Hollen in the Senate on the same day) provides a recently introduced example of a comprehensive legislative proposal. The Social Security 2100 Act would enhance Social Security by: (1) meeting the requirements of sustainable solvency; (2) fully financing the benefits scheduled in current law; and (3) providing selected increases in benefits, which are also financed under the legislation," testifiedStephen C. Goss, Chief Actuary, Social Security Administration.

This was a third hearing in a series of hearings on protecting and improving Social Security. Today's hearing focused on comprehensive legislation to enhance Social Security, including Larson's Social Security 2100 Act. This built on the full Ways and Means Committee hearing on retirement and Social Security in February.

Larson's opening statement can be found here. The full hearing can be viewed here.

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