Support for the Social Security 2100 Act

Floor Speech

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Ms. DeLAURO. Madam Speaker, let me commend my colleague and friend Congressman John Larson, the chair of the Ways and Means Social Security Subcommittee, for his leadership and his legislation the Social Security 2100 Act. He is a tireless advocate for upholding our promise to our seniors, with respect to their retirement and their economic wellbeing.

Perhaps the ultimate legislative expression of our nation's shared values is our Social Security program. In 1935, our federal government made a promise to American workers that if they worked hard all of their lives, they would not fall into poverty when they retire. Social Security is foundational to tens of millions' Americans economic security as they retire. It provides a stable and secure source of income for our nation's seniors and their families. We continue to keep that promise today, as Social Security lifts out of poverty 22 million seniors nationwide and 130,000 in Connecticut.

In fact, according to the Economic Policy Institute, quote, ``Social Security remains by far the most important source of income for most seniors. It constitutes most of the income of seniors in the bottom half of the income distribution.''

Yet, a cliff is coming. Social Security no longer stretches as far as it once did. Even with their Social Security benefits, more than 5 percent of Connecticut's seniors are living in poverty. And, if we do nothing, in less than 15 years, Social Security benefits will be cut by nearly 25 percent.

When Social Security does not keep up with the cost of living, or modern economic challenges, seniors are robbed of their dignity and independence. They suffer when we do not uphold our promise. That is why we need to protect and enhance Social Security and to ensure it is able to help those who need it. That is why we need the Social Security 2100 Act.

It was introduced by my dear friend Congressman John Larson. I am an original cosponsor. The bill expands benefits, strengthens the Social Security trust fund, and cuts taxes for seniors. The bill and House Democrats' leadership is critical at a time when Americans are struggling with stagnant incomes and a lack of good-paying jobs.

In total, this bill would boost benefits for 62 million people. And, it will put the program on sound financial footing for the next 75 years.

It does so with several smart steps, including by having millionaires and billionaires pay the same tax rate as everyone else. For many Americans, this is commonsense. What is nonsensical, however, is that Republicans passed a $1.5 trillion tax giveaway for the wealthy and well-connected. 83 percent of the benefits go to the top 1 percent.

Instead of a giveaway to the rich, it is time for an investment in working people and seniors. That is what we are trying to do with the Social Security 2100 Act.

Experts have pointed to its economic benefits, for both individuals and the nation. For example, former Council of Economic Advisors Chair Jason Furman and former Treasury Secretary Lawrence Summers, have said this legislation would positively impact economic growth.

As President Franklin Delano Roosevelt said of Social Security in 1934, quote, ``This seeking for a greater measure of welfare and happiness does not indicate a change of values. It is rather a return to values lost in the course of our economic development and expansion.''

Values lost, an apt description for our economy today. Costs skyrocketing. Wages stalling. Savings stagnating. And, seniors suffering. But, with this legislation, we can be returning to values lost, to upholding our promise, to ensuring economic security.

All Americans must keep up the fight to protect and expand social safety net programs like Social Security, The 60 million Americans receiving Social Security and countless more who will receive it are counting on us, and we will deliver.

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