Social Security Benefits
The Identified Concern:
Monthly payments are not sufficient enough to keep recipients out of poverty nor does the amount received accurately reflect the spending habits of recipients. Within the next ten years, the Social Security Administration (SSA) is projected to lose significant capital causing them to spend more on benefits than they would make in revenue. This will likely result in significant cuts to the benefits received by those who qualify, including those over the age of 65, disabled, or blind.
*Please be sure to follow up with ssa.gov if you have questions about whether or not you qualify for Social Security benefits
Our Proposed Solutions:
Protect the benefits you've earned by increasing revenues by raising the employee tax for earners over $142,800 per year.
Switch to Consumer Price Index Type E (CPI-E), which measures price changes in a basket of goods and services that are relevant to Americans 62 years of age and older, to better reflect the cost of living for our Seniors ensuring no one lives out their Golden Years in poverty.
Create structural changes to the SSA Trust Fund to ensure the long-term viability of the program once and for all.
How would we pay for this?
Remove the cap on employee and employer tax for high earners. Increase Social Security Tax (which is currently 12.6%) on earners above $400,000 per year.