Statements on Introduced Bills and Joint Resolutions

Floor Speech

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Mr. SCOTT of Florida. Mr. President, older American workers are a vital source of economic strength. Before the pandemic, there were more seniors in the workforce than there were 20 years ago, and men and women age 55 and older lifted the overall labor force participation rate by a substantial margin. During the pandemic, more than 3 million seniors retired early, and millions more are considering early retirement. These losses harm seniors' retirement security by reducing their income and benefits.

That is why today, with my good friend Senator Rubio, I am introducing the Senior Citizens' Freedom to Work Act, which would repeal the Social Security retirement earnings test. The earnings test is a confusing work disincentive. It says that you lose half your Social Security benefits if you earn more than $18,960. Then it gives your benefits back at full retirement age. The problem is that many seniors know their benefits will be cut if they make too much money, but not that they will be replaced later. They treat the earnings test like a 50-percent tax and work less to avoid it.

When I have spoken to small business owners in South Carolina they have made clear to me that the earnings test is in fact a disincentive for many older workers, and it harms their businesses. Older Americans want to earn just enough that they fall right under the threshold so their benefits don't get cut, which makes it harder for small businesses to hire them even on a part-time basis. It is not surprising that research shows the earnings test reduces labor force participation by more than 3 percent.

The earnings test also deepens inequality. It punishes lower-income seniors who need Social Security benefits and earned income to get by. And if you need Social Security benefits and earned income to meet caregiving responsibilities or pressing financial obligations or because you have a lower life expectancy, the earnings test says no, you have to wait until you reach full retirement age, whether that is 65 or 67.

Many seniors just can't wait that long, and the economy can't either. The Senior Citizens' Freedom to Work Act will give these older Americans the freedom and flexibility they need, promote work, and help employers and workers find arrangements that work best for them.

Thank you. ______

By Mr. DURBIN (for himself, Mrs. Blackburn, Mrs. Feinstein, Mr. Cornyn, and Mr. Leahy):

S. 3103. A bill to amend title 18, United States Code, to eliminate the statute of limitations for the filing of a civil claim for any person who, while a minor, was a victim of a violation of section 1589, 1590, 1591, 2241(c), 2242, 2243, 2251, 2251A, 2252, 2252A, 2260, 2421, 2422, or 2423 of such title; to the Committee on the Judiciary.

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