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[Extensions of Remarks]
[Page E257]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SUPPORT FOR THE SOCIAL SECURITY 2100 ACT
______
HON. ROSA L. DeLAURO
of connecticut
in the house of representatives
Wednesday, March 4, 2020
Ms. DeLAURO. Madam Speaker, let me commend my colleague and friend
Congressman John Larson, the chair of the Ways and Means Social
Security Subcommittee, for his leadership and his legislation the
Social Security 2100 Act. He is a tireless advocate for upholding our
promise to our seniors, with respect to their retirement and their
economic wellbeing.
Perhaps the ultimate legislative expression of our nation's shared
values is our Social Security program. In 1935, our federal government
made a promise to American workers that if they worked hard all of
their lives, they would not fall into poverty when they retire. Social
Security is foundational to tens of millions' Americans economic
security as they retire. It provides a stable and secure source of
income for our nation's seniors and their families. We continue to keep
that promise today, as Social Security lifts out of poverty 22 million
seniors nationwide and 130,000 in Connecticut.
In fact, according to the Economic Policy Institute, quote, ``Social
Security remains by far the most important source of income for most
seniors. It constitutes most of the income of seniors in the bottom
half of the income distribution.''
Yet, a cliff is coming. Social Security no longer stretches as far as
it once did. Even with their Social Security benefits, more than 5
percent of Connecticut's seniors are living in poverty. And, if we do
nothing, in less than 15 years, Social Security benefits will be cut by
nearly 25 percent.
When Social Security does not keep up with the cost of living, or
modern economic challenges, seniors are robbed of their dignity and
independence. They suffer when we do not uphold our promise. That is
why we need to protect and enhance Social Security and to ensure it is
able to help those who need it. That is why we need the Social Security
2100 Act.
It was introduced by my dear friend Congressman John Larson. I am an
original cosponsor. The bill expands benefits, strengthens the Social
Security trust fund, and cuts taxes for seniors. The bill and House
Democrats' leadership is critical at a time when Americans are
struggling with stagnant incomes and a lack of good-paying jobs.
In total, this bill would boost benefits for 62 million people. And,
it will put the program on sound financial footing for the next 75
years.
It does so with several smart steps, including by having millionaires
and billionaires pay the same tax rate as everyone else. For many
Americans, this is commonsense. What is nonsensical, however, is that
Republicans passed a $1.5 trillion tax giveaway for the wealthy and
well-connected. 83 percent of the benefits go to the top 1 percent.
Instead of a giveaway to the rich, it is time for an investment in
working people and seniors. That is what we are trying to do with the
Social Security 2100 Act.
Experts have pointed to its economic benefits, for both individuals
and the nation. For example, former Council of Economic Advisors Chair
Jason Furman and former Treasury Secretary Lawrence Summers, have said
this legislation would positively impact economic growth.
As President Franklin Delano Roosevelt said of Social Security in
1934, quote, ``This seeking for a greater measure of welfare and
happiness does not indicate a change of values. It is rather a return
to values lost in the course of our economic development and
expansion.''
Values lost, an apt description for our economy today. Costs
skyrocketing. Wages stalling. Savings stagnating. And, seniors
suffering. But, with this legislation, we can be returning to values
lost, to upholding our promise, to ensuring economic security.
All Americans must keep up the fight to protect and expand social
safety net programs like Social Security, The 60 million Americans
receiving Social Security and countless more who will receive it are
counting on us, and we will deliver.
____________________