The Importance of Social Security and What Democrats Propose

On Aug. 14, 1935, the most important proposal in history was signed into law. “The People’s President,” Franklin Delano Roosevelt, guaranteed every American a retirement benefit, which would not be paid for by the government. Payroll deductions from employers and employees would fund Social Security, and the amount of money paid into the program would decide the amount received when an individual reached retirement age.

About 65 million Americans depend on Social Security for all or part of their income. One complaint has never been addressed. If the annual income of an individual exceeds $25,000, or $32,000 for a couple, they will be taxed. The complaint is valid. While employed, these people paid taxes on what they now receive in Social Security benefits. This is, without a doubt, double taxation, which is against the law. Democrats are attempting to remedy this situation but are receiving opposition from “the party of special interests” who call themselves “Republicans.”

House Democrats John Larson of Connecticut and Pramila Jayapal of Washington are offering proposals to make changes to Social Security. There have been zero changes for over 51 years.

In addition to eliminating double taxation, their proposal, called ‘Social Security 2100: A Sacred Trust,’ benefits would be expanded.

“It’s long overdue that we make sure that we’re enhancing a program that they need, especially during this pandemic,” Larson said of the program’s beneficiaries.

It is true that a yearly adjustment is made based on the cost of living, but Larson claims that since 2000 Social Security has lost about 40% of its value, according to an analysis by The Senior Citizens League.

Here are the main features of their proposal:

The latest Social Security 2100 bill put forward by Larson seeks to enhance Social Security benefits in multiple ways.

It calls for increasing all checks by about 2% of the average benefit. At the same time, it would also set the minimum benefit above the poverty line and tie it to current wage levels.

The measure for the annual cost-of-living adjustment would be changed with the goal of better keeping up with the costs retirees face.

It has amazed me for much of my life that Congress has ignored our nation’s retired people. A large percentage of the old white men in Washington are of retirement age or older. Of course, they will have large government pensions paid for by the American people. Many of them will also receive thanks in the form of monetary gifts from the lobbies they worked for. At the beginning of the 117th Congress, the average age in the House was 58.4 years; of Senators, 64.3 years. I find it unbelievable that Chuck Grassley, a Republican from Iowa, is running for reelection in November. He is 87 years old. This is ridiculous when you consider the fact that the average age in America is 38.2 years.

America’s greatest fault is that our government fails to place the needs of our nation’s people as priority number one. Special interests, composed of 724 billionaires, the largest number in the world with less than five percent of the world’s population, are number one on their list.

Each generation has contributed to our country’s future and should be thanked and respected for their efforts. Our government, elected to serve all 331 million people, has a responsibility to ensure that our senior citizens, working-class Americans, and our younger people are cared for. Their economic future and their safety should be their primary concerns. Until that happens, America will never become a “great” nation. The current plutocracy must end.

By James Turnage, Novelist

Sources:

CNBC: House Democrats call for action on Social Security reform. What that could mean for your benefits; by Lorie Konish
Yahoo! Finance: Want to Say Bye-Bye to Taxes on Social Security? Here’s How It Could Happen; by Ben Geier

Featured and Top Image Courtesy of Chad Davis’ Flickr Page – Creative Commons License
Inset Image by Giorgio Trovato Courtesy of Unsplash – Creative Commons License