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Dear John,
Over more than 80 years of operation, millions of Americans have experienced the benefits of Social Security. In 1935, before Social Security was enacted, about half of all seniors lived in poverty. Now, it’s 10.3 percent.
That’s a lot better, but frankly, it’s still far too many.
In its decades of history, Social Security has never defaulted on its payments. With a $2.85 trillion surplus trust fund, the program is currently fully solvent through 2035.
After that, the Social Security Administration estimates there will still be enough funding available to pay 80% of earned benefits. That gives us more than a decade to work to cover the eventual gap and to ensure wealthy people finally pay their fair share into Social Security -- just like everyone else.
But why wait? If we make the wealthy pay what they owe starting NOW, we can expand Social Security benefits and help the millions of Americans still struggling to get by immediately, including more than 25% of people with disabilities.
That’s why we’re building support for the Social Security Expansion Act. Join the nationwide movement by becoming a grassroots co-sponsor now!
Almost half of Americans 55 years and older have no retirement savings. And the average Social Security benefit is a mere $1,688 per month.
Still, in 2021, Social Security prevented 26.3 million Americans from falling into poverty, 18 million of whom were seniors. For nearly 40% of seniors, Social Security provides more than half their income, and for 14% of seniors, it provides as much as 90%.
With stats like these, it’s obvious that Congress must not cut Social Security. Instead, they must strengthen and expand it. This is the goal of the Social Security Expansion Act, introduced by Sen. Bernie Sanders and Sen. Elizabeth Warren in the Senate and Rep. Jan Schakowsky and Rep. Val Hoyle in the House.
It would keep Social Security solvent for at least the next 75 years while expanding benefits for new and current beneficiaries by $2,400 per year and would all be paid for by finally requiring the wealthiest Americans to pay what they owe.
That’s because as it now stands, in another example of how the economy is rigged against workers to benefit the already ultra-rich, a CEO making $20 million a year contributes the same amount as someone making $160,200. This bill will require millionaires and billionaires to pay the same taxes on their investment and business income as workers like you and me currently pay out of our paychecks.
These common-sense reforms will strengthen and expand Social Security for generations, but first it must become law and that will take a nationwide movement to make it happen. Please sign on as a grassroots co-sponsor now.
Thank you for doing your part to make sure seniors and the disabled are treated with dignity and respect, now and for generations to come.
Robert Reich
Inequality Media Civic Action
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