Bernie Sanders - The Ranking Member of the Senate HELP Committee | Official U.S. Senate headshot
Bernie Sanders - The Ranking Member of the Senate HELP Committee | Official U.S. Senate headshot
In Washington, Senators Bernie Sanders and Elizabeth Warren, alongside Representatives Jan Schakowsky and Val Hoyle, have introduced the Social Security Expansion Act. This legislation aims to increase Social Security benefits by $2,400 annually and secure funding for the program for 75 years by taxing income above $250,000. The proposal comes as a response to efforts by former President Donald Trump and Republicans in Congress to advance tax cuts for billionaires that critics argue could undermine Social Security.
The proposed expansion is supported by an analysis from the Social Security Administration requested by Senator Sanders in 2023. Additional Senate supporters include Jeff Merkley, Peter Welch, Alex Padilla, Tina Smith, Chris Van Hollen, Ed Markey, Cory Booker, Kirsten Gillibrand, and Sheldon Whitehouse. Seventeen House members also back the bill.
Senator Sanders stated: "Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve." Senator Warren emphasized: "It's a mistake for Donald Trump and his allies in Congress to focus on securing tax cuts for billionaires."
Representative Schakowsky remarked: "Social Security is your hard-earned money; it is not an entitlement," criticizing Trump and Elon Musk's influence over Social Security decisions. Representative Hoyle noted: "Protecting Social Security is our commitment to seniors who’ve worked their whole lives to earn it."
Social Security has been credited with reducing senior poverty from about 50% before its inception in 1935 to 9.7% today. Despite this progress, many seniors still struggle financially. The average benefit of $1,838 per month remains insufficient for many.
The proposed act seeks to address these challenges by ensuring wealthy individuals contribute more towards the program's solvency. It also aims to enhance benefits for low-income workers and improve Cost-Of-Living-Adjustments (COLAs). The legislation has garnered support from over 25 organizations including Social Security Works and MoveOn.
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