In case it’s not on your calendar, January 30 is Franklin Delano Roosevelt’s birthday. And to celebrate the president who signed into law Social Security, lawmakers are unveiling what they call Social Security 2100.
Democrats from the House and Senate and Social Security activists are pushing the legislation designed to increase benefits and keep Social Security afloat into the next century.
For many older Americans, Social Security is simply not doing the job.
Chairman of the Social Security subcommittee, Connecticut Congressman John Larson, says that’s why he’s introduced the Social Security 2100 Act to increase payments to older Americans.
“You cannot stand by and let 5 million people who are currently on Social Security live in poverty,” Larson said. “There will be a 2 percent across the board increase. No one can retire into poverty.”
And Nancy Altman, of Social Security Works, says the bill also shores up Social Security’s finances.
“It brings in enough revenue by requiring millionaires and billionaires to pay their fair share and to,” Altman said.
A similar effort two years ago failed to pass the House of Representatives. Congressman Larson says that will change with the Democratic majority, but Republican Tom Reed of New York, who is also on the Social Security Subcommittee is concerned about the cost of the Democratic plan.
“We need to potentially have conversations about backing that off and making sure that we do this in a wise way that doesn’t mean a tremendous amount of tax increases,” Reed said.
In the Senate, Democrats expect to have a difficult time convincing the Republican majority to support the plan.