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Larson: Social Security is the Economic Stimulus We Need

March 3, 2020
Press Release

Washington, D.C. – Today, House Ways and Means Social Security Subcommittee Chairman John B. Larson (CT-01) released the following statement on President Trump’s call for a Social Security payroll tax holiday:

“President Trump’s call for a Social Security payroll tax holiday as an economic stimulus,  is counterintuitive to what economists like Jason Furman, Larry Summers, and Heather Boushey have said. They recently highlighted that Social Security is an economic stimulus and expanding it will help grow our economy! Secretary Mnuchin said today, as has President Trump, that Social Security is an earned benefit. Social Security is America’s insurance, our nation’s number one anti-poverty program, and could be our number one stimulus program. People aren’t getting wealthy off of Social Security, they’re spending their benefits and are putting that money right back into the economy. 90 percent of benefits go to people whose income is less than $50,000, not including Social Security. This is what the President should be considering. We need to strengthen Social Security, not undercut its financing with a misguided payroll tax holiday.”

Larson is author of the Social Security 2100 Act which would expand benefits and make the program solvent for 75 years.