Sanders Calls for Strengthening Social Security, Slams Republican Plans to Dismantle Retirement

[cal04]

Sanders Calls for Strengthening Social Security, Slams Republican Plans to Dismantle Retirement Program
https://berniesanders.com/press-release/sanders-calls-for-strengthening-social-security/

BOONE, Iowa – Eighty years after Social Security was signed into law, U.S. Sen. Bernie Sanders on Saturday called for strengthening and expanding the retirement and disability program and slammed Republican White House hopefuls who would dismantle Social Security.

Sanders outlined his legislation during a town hall meeting here at the Boone County Fairgrounds. He also planned to talk about Republican attacks on the program at The Des Moines Register’s State Fair Soapbox.

“Social Security is the most successful government program in our nation’s history. Through good times and bad, Social Security has paid out every benefit owed to every eligible American,” Sanders said. “The most effective way to strengthen Social Security for the future is to make millionaires and billionaires pay the same share as everyone else.”

Republican presidential candidates have floated proposals to cut Social Security. Wisconsin Gov. Scott Walker, New Jersey Gov. Chris Christie, former Florida Gov. Jeb Bush and Sens. Marco Rubio, Ted Cruz, Rand Paul and Lindsey Graham all have suggested raising the retirement age. Proposals to privatize the system have been advanced by many of those candidates and by Ohio Gov. John Kasich and Louisiana Gov. Bobby Jindal.

“It is unacceptable to ask construction workers, truck drivers, nurses and other working-class Americans to work until they are 68 to 70 years old before qualifying for full Social Security benefits,” Sanders said.

In Iowa, more than 616,000 people (19.8 percent of the population) received $9 billion in Social Security benefits last year. This includes more than 430,000 seniors, 78,000 people with disabilities and more than 38,000 Iowa children.

Social Security lifted 228,000 Iowans out of poverty in 2013. The average Social Security benefit was just $14,556 in 2014. Without Social Security, 47 percent of the elderly, including more than half of senior women in Iowa, would be living in poverty. With Social Security, the elderly poverty rate for Iowa is just 4.7 percent. For Iowa women it is 8.2 percent in Iowa.

In Washington, D.C., Sanders introduced legislation on March 12 to expand benefits and strengthen the retirement program for generations to come. Under current law, the amount of income subject to the payroll tax is capped at $118,500. That means someone making millions of dollars a year pays the same amount in payroll taxes as someone making $118,500 a year. Sanders would levy the payroll tax on all income over $250,000. That change would impact the top 1.5 percent of wage earners, according to the Center for Economic Policy Research.

Having the wealthiest Americans contribute their fair share would extend the solvency of Social Security through 2060 and allow benefits to be expanded for millions of Americans. “At a time when over half of the American people have less than $10,000 in savings and senior poverty is increasing, we should not be talking about cutting Social Security benefits. We should be talking about expanding benefits to make sure that every American can retire with dignity,” the senator said.

Under the legislation, Social Security benefits would go up by about $65 a month for most recipients. Annual cost-of-living adjustments for Social Security recipients would increase and set a new minimum benefit to significantly reduce the senior poverty rate.

President Franklin Delano Roosevelt signed the Social Security Act on Aug. 14, 1935.

Social Security today has a $2.8 trillion surplus and will be able to pay all promised benefits until 2033, after which it will be able to pay around 75 percent of all promised benefits. Sanders’ Social Security Expansion Act would increase revenue and extend the solvency of Social Security for the next 45 years.

To read what Republican candidates say about Social Security, click here.
https://berniesanders.com/where-the-republicans-stand-on-social-security/

[sabrina 1]

1. He is the ONLY one telling the truth about SS's huge surplus which no one else has done.

I notice there hasn't been talk of the Chained CPI lately during Election Season, now that they know the people were not fooled by the attempt to hide the fact that it means cutting benefits by calling it something they though we wouldn't understand.

Sanders called the Chained CPI an immoral attempt to cut SS benefits.

I guess they'll wait until after the election to try to push that again.

[rhett o rick]

2. What is Clinton's take on Social Security? Anyone have anything? nm

[SoapBox]

3. It'll be whatever Bernie says...

Plus a few smoke and mirrors plus waffling.

[azmom]

5. Here

http://www.democraticunderground.com/1251518141

[rhett o rick]

12. Thank you so much for that. Typical Clinton with the rhetoric. Doesn't say she supports raising

the cap and she doesn't say she opposes it. She makes it crystal clear that she is "open" to it. Open means she isn't going to commit herself. In 2008 she was against it.

Senator Sanders favors raising the Social Security cap to keep SS healthy. Clinton isn't sure.

[azmom]

13. Yep. That's Hillary speak.

[Enthusiast]

4. Kicked and recommended to the absolute Max! Go, Bernie!

You would not believe the response to a petition I got from Senator Portman of Ohio. He blamed Social Security and Medicare for every funding short fall. His response was full of all the regular Republican lies about Social Security.

Portman isn't special, he is your typical Republican.

Ex Ohio Governor Strictland should bury Portman in the senate race if he make Social Security an issue, which he should.

[azmom]

6. Arizona has many republican

Seniors that probably don't have a clue. Any ideas how to get the word out to them?

[Spitfire of ATJ]

7. They always talk about the projected "end" date of SS as if we're postponing the inevitable.

[progree]

8. half of those still working doubt they will ever receive Social Security benefits

Two-thirds of Americans believe Social Security is in a crisis state, By Eric Pianin, The Fiscal Times, 8/14/15
http://finance.yahoo.com/news/two-thirds-americans-believe-social-101500765.html

A new Gallup survey published on Thursday ( http://www.gallup.com/poll/184580/americans-doubt-social-security-benefits.aspx ) found that 66 percent of Americans believe Social Security is in a “state of crisis,” while slightly more than half of those still working doubt they will ever receive Social Security benefits. Not surprisingly, millennials who are much further away from retirement than their parents and elders are far more pessimistic, with 64 percent saying they are convinced they will never draw Social Security benefits.

((unfortunately the article doesn't go on to debunk this nonsense --Progree))

Unfortunately, lots of people think when Social Security goes "bankrupt" or insolvent in 2034 (latest projection of the S.S. Trustees in their 2015 report) or whenever, that that is the end of Social Security (unless something is done in new legislation).

It is very rare that the media reports what happens after the OASI and DI trust funds both run out (if there is no new legislation) -- S.S. payroll taxes will continue to be collected and that will be sufficient to fund about 79% of promised benefits (declining to 73% in 2089). Not great that there will be a 21% to 27% reduction, but its a hell of a lot better than no S.S. at all.

http://www.ssa.gov/oact/trsum/
The theoretical combined OASDI trust funds have a projected depletion date of 2034, one year later than indicated in last year’s report. After the depletion of reserves, continuing tax income would be sufficient to pay 79 percent of scheduled benefits in 2034 and 73 percent in 2089 (emphasis added by Progree).

[progree]

9. Eric Pianin fuckheaded liar - that Fiscal Times headline

Two-thirds of Americans believe Social Security is in a crisis state, By Eric Pianin, The Fiscal Times, 8/14/15
http://finance.yahoo.com/news/two-thirds-americans-believe-social-101500765.html

What the Gallup poll actually found

http://www.gallup.com/poll/184580/americans-doubt-social-security-benefits.aspx
In the latest survey, 66% of Americans say Social Security is in a state of crisis (21%) or has major problems (45%).

So only 1/5 of Americans believe Social Security is in a crisis state.

[vkkv]

10. Eliminate the PayRoll Tax Cap! Easy, if that is done n/t

[Babel_17]

11. Thanks! I wanted Sanders to expound on his thinking about SS, and now he has

Let's get the older workers retired with decent benefits and get young people into the workforce. This puts more money into the hands of those who'll put it right back into their local economies.

[azmom]

14. Wow. That sounds like a great plan.

I wonder who opposes it and why?

Bernie always says, Ask yourself why?

I love that man.

Seniors for Bernie!

[malokvale77]

15. Just one of the reasons I back Bernie Sanders.

I am about to start collecting SS. The way SS is configured my latest years is the main contributing factor to my benefits.

A decade ago my wages were much higher. Those wages are less important.

My SS benefits are going to based on the lowest common denominator.

How many more ways are the oligarchs going to screw us?