Lawmakers Unveil Plan to Keep Social Security Afloat until 2100

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WASHINGTON, D.C.—In case it’s not on your calendar, today 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.   The legislation would 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.

Larson (D/CT) says,  “You cannot stand by and let 5 million people who are currently on Social Security live in poverty.  There will be a 2 percent across the board increase. No one can retire into poverty.”  

Nancy Altman of Social Security Works says the bill also shores up Social Security’s finances.

 Altman says,  “It brings in enough revenue by requiring millionaires and billionaires to pay their fair share.

A similar effort happened two years ago.  It failed to pass the House of Representatives. Larson says that will change with the Democratic majority.

But Republican Tom Reed of New York, also on the Social Security Subcommittee, is concerned about the cost of the Democratic plan.

 Reed (R/NY) says, “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.”

In the Senate, Democrats expect to have a difficult time convincing the Republican majority to support the plan.

Senator Chris Van Hollen (D/MD) says, “Our republican colleagues talking about cutting social security and cutting medicare.”

 Senator Richard Blumenthal, (D/CT) adds,  “It’s not an entitlement program it’s an insurance program.”

 But Congressman Larson sees President Trump as an ally on this issue.

“It was President Trump that stood under the heat of battle in a debate with 16 other republicans and said no this is not an entitlement this is an earned benefit.,” says Larson.

Morgan Wright reports for KARK’s D.C. Bureau.

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