by Mary Savage
The Social Security Trust Fund is predicted to begin shortfall payouts as early as 2032. This means payments will continue to be disbursed to beneficiaries, but at a lower amount. This is just 6 years away.
Congress and the American people should not, and must not, allow this to happen. It bears repeating over and over that Social Security is the retirement cornerstone for most of America’s workforce, and provides at least 90 percent of income to more than one-in-five seniors today.
Without Social Security, it is estimated that senior poverty would increase to at least 40 percent. And remember that Social Security provides a modest income for the disabled, surviving spouses and orphaned children. Thankfully, some in Washington have started taking notice.
Democratic Sen. Brian Schatz of Hawaii introduced a bill last December that has gained key support from several major organizations. The ‘Safeguarding American Families and Expanding Social Security Act’ (SAFE SS) would make the wealthy pay their fair share into Social Security and increase benefits across the board by about $150 a month, or $1,800 annually.
SAFE SS also would adopt the Consumer Price Index for the Elderly (CPI-E) to calculate the annual Cost-of-Living Adjustment (COLA) to more accurately allow for inflation that many seniors and disabled persons face each time they go to the grocery store.
Eliminating the cap on Social Security payroll taxes to subject all earned income to FICA contributions is long overdue and would provide essential benefit enhancements. At present, the SAFE SS bill has been endorsed by the National Committee to Preserve Social Security and Medicare, the AFL-CIO, Social Security Works, the Alliance for Retired Americans, and the American Federation of Teachers.
2032 is six short years away. The SAFE SS Act is a good way to bring stability and solvency to Social Security and forego any cruel ideas about raising the retirement age or privatizing the program that would expose our trust fund to the whims of Wall Street.
Be sure to tell your two U.S. Senators and local Congressional representative to support the Safeguarding American Families and Expanding Social Security Act. Call or write them today.