Larson on the Release of the Social Security Trustees Report
Washington, D.C. – Ways and Means Social Security Subcommittee Ranking Member John B. Larson (CT-01) released the following statement on the 2017 Social Security Trustees Report:
“The Social Security Trustees Report released today confirms that even without any changes, Social Security can pay full benefits until 2034, and about three-quarters of benefits thereafter. The report also underscores the imperative for Congress to come together to make modest adjustments which will protect future retirees, survivors, veterans and persons with severe disabilities, and to strengthen the Trust Fund without cutting benefits.
“Today, fewer and fewer workers have traditional pensions from their employers, and many are unable to save enough through other retirement vehicles, which is leading to a growing retirement crisis. Let us remember that Social Security is not an entitlement, it is an insurance program that people pay into to provide for themselves and their survivors. Strengthening and expanding Social Security benefits must be a part of any solution to America’s retirement crisis. That is why I have introduced a bill to increase Social Security benefits and to keep the Trust Fund financially strong into the next century.
“The Social Security 2100 Act HR 1902 was introduced this past April and has over 160 cosponsors. This bill will improve benefits for current and future retirees and make common sense changes to keep the Trust Fund strong. It improves the cost of living adjustment (COLA) to better reflect the higher costs seniors face, provides an across-the-board benefit bump for both current and future beneficiaries, increases the minimum benefit to assist people who worked for many years at modest wages, and provides tax relief for seniors who pay income taxes on their benefits. It also ensures that millionaires and billionaires pay into the fund at the same rate as everyone else. Congress should come together to enhance benefits and strengthen Social Security for generations to come.”