Funding Social Security

Social Security is one of the most successful anti-poverty programs in American history. For millions of seniors, it’s the foundation of financial stability in retirement. In fact, Social Security lifts more than 22 million Americans out of poverty each year—including over 16 million senior citizens. It’s a promise we made to working people: pay into the system your whole life, and it will be there for you when you retire, become disabled, or lose a spouse.

But that promise is in jeopardy.

According to the Social Security Administration, if no changes are made, benefits could be cut by 23% in 2035 due to the depletion of the Social Security Trust Fund. Some Republicans in Congress want to fast-track those cuts today. I’m firmly against that. I will never vote to cut Social Security benefits for those who have paid into the system their entire lives.

Instead, I believe we must take proactive, common-sense steps to ensure Social Security remains fully funded—not just for today’s retirees, but for future generations.

My Plan to Strengthen Social Security

Here are a few simple and fair changes we can make to protect Social Security for the long haul—without touching the benefits of those who need them most:

• Lift the income cap on payroll taxes for high earners. Currently, income above $168,600 isn’t taxed for Social Security. Taxing wages above $400,000 could solve up to 67% of the program’s projected shortfall on its own.

• Gradually increase the payroll tax by a small fraction over time—shared by both employees and employers. Even a modest increase could significantly bolster the trust fund.

• Reduce or phase out benefits for the wealthiest Americans—those who don’t rely on Social Security to retire with dignity.
  Modernize the investment strategy by allowing a portion of the trust fund to be invested in a diverse mix of low-risk equities rather than relying solely on government bonds. This is something many public pension systems already do safely and successfully.

The Bottom Line

Social Security isn’t a handout—it’s a guaranteed return on decades of hard work. Cutting benefits or raising the retirement age would break our promise to American workers. That’s not acceptable.

Let’s strengthen the system with smart reforms, ensure it remains solvent, and keep our commitment to today’s seniors and tomorrow’s retirees.

Social Security must not only survive—it must continue to thrive as the safety net millions of Americans count on.