[WASHINGTON, DC] – Today, U.S. Senators Richard Blumenthal (D-CT) and Chris Van Hollen (D-MD) introduced the Social Security 2100 Act, a bill that would increase Social Security’s vital benefits and make the system financially strong throughout the 21st Century. The bill was introduced in the U.S. House of Representatives by U.S. Representative John Larson (D-CT).
“This bill is about more than keeping our word to young people and generations to come—it’s about the American Dream. By protecting and preserving Social Security, we protect and preserve the American Dream—ensuring future generations have the guaranteed insurance and earned benefits that Social Security provides to more than 62 million Americans today,” said Blumenthal. “I call on all of my Republican colleagues in the Senate: Join us in keeping the American Dream real by keeping Social Security strong through this century and beyond.”
“Social Security is not an entitlement – it’s the insurance Americans have paid for through a lifetime of work to fund retirement, disability, and survivor benefits. The Social Security 2100 Act takes common sense steps to increase benefits and to make the system financially secure for the next 75 years and beyond. Social Security is the most successful program in American history, it is time to improve it for the future,” said Larson.
The Social Security 2100 Act provides the following:
- An across-the-board benefit increase for current and new beneficiaries
- An improved cost-of-living adjustment (COLA) that takes into account the true costs incurred by
- A stronger minimum benefit, so someone who works their whole life does not retire into poverty
- A tax cut for over 12 million Social Security recipients by eliminating the tax on their benefits
Social Security is the most important source of retirement income for 4 out of 5 seniors. It also provides protections to disabled workers and families who have lost a breadwinner. With common sense steps like those in the Social Security 2100 Act, Congress can improve benefits while ensuring Social Security remains finally strong throughout the century.