Ro's Town Hall on Social Security and Medicare

Press Release

On Wednesday evening, Ro joined panelists at a town hall about retirement here in the 17th District. Effective reform of Social Security and Medicare will be a real concern for lawmakers in the next several years as 76 million "baby boomers" retire. Here in the Bay Area, where the cost of living is higher than in most regions of the country, the challenge of planning for retirement can be a special challenge. Ro and the other panelists were available to answer questions about the retirement planning process, and the future outlook for Social Security and Medicare.

Ro strongly believes that all senior citizens deserve the dignity of a secure retirement. It's something he feels personally, he told the audience at Wednesday's town hall -- Social Security and Medicare are not programs that just affect seniors. After working hard and paying into the programs for years, today his parents are reliant on Medicare and Social Security. He told the audience that after the financial downturn in 2008, his parents wouldn't have been able to pay their mortgage without Social Security.

They're not alone -- in fact, Social Security represents 30-40% of retirees' incomes nationwide, and it's the only retirement source that's constant and has a cost of living adjustment.

"There's a social obligation to take care of people," Ro said, noting that he disagrees with the President's plan, which would reduce benefits for current recipients. "It's a myth that we need to cut programs while still being economically competitive."

Ro's comprehensive plans include protecting the retirement age, ensuring Social Security's solvency by eliminating the payroll tax cap -- which currently mandates that all Americans pay Social Security taxes only on the first $113,700 of their incomes, regardless of how much they make -- and allowing Medicare to negotiate lower drug prices while improving its transparency.

"Right now, you've got people making millions who don't pay their fair share into Social Security," Ro said.

Source