Sen. Sanders Weighs In On Social Security Expansion - foxnews.com
In an article recapping one side of the recent Bipartisan Policy Center/Orrin G. Hatch Foundation public debate on crises facing our country, Sen. Bernie Sandres (I-VT) presents his views on the future of Social Security, acknowledging the program as “one of the most popular and successful government programs in American history.” In an article posted today on foxnews.com, Sen. Sanders clarifies the persistent rumor regarding Social Security’s “going broke,” citing the nearly $3 trillion cash reserve currently being used to ensure payment of promised benefits into the next decade. Most responsible pundits are well aware of the bankruptcy fallacy, but Sanders expressed the opinion that even the continuation of reduced benefits is unacceptable.
Sen. Sanders’ comments in his article addressed the intent of the Social Security Expansion Act (S. 4365), introduced earlier this month with seven Democrat co-sponsors, describing it as legislation that “…would make Social Security solvent for the next 75 years, expand benefits for seniors and people with disabilities by $2,400 a year, and increase COLAs, which would lift millions of seniors out of poverty.” To fund this solvency proposal, Sanders explained, the bill would increase taxes on “…the wealthiest 6.4% of Americans,” specifically through applying the currently-capped payroll tax on all income above $250,000, and similarly taxing capital gains and dividends on folks with this same income level.
Read the full article by Sen. Sanders here.
With the Social Security solvency problem looming closer with each passing month, it’s clear that Washington needs to focus attention on the problem sooner than later. The closer we come to the brink of insolvency, the more severe the corrective measures will need to be. The Association of Mature American Citizens (AMAC) has been sounding the alarm for some time, and has aggressively advocated for preservation and modernization of Social Security via a bipartisan approach that calls for no tax increases, ensures the targeting of benefits where needed the most, and provides an avenue for all workers to accumulate financial reserves for retirement. Learn more about AMAC’s proposal at AMAC.us/Social-Security.
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