It was the 87th anniversary of Social Security.
The program was signed into law by FDR. It gives checks to more than 65 million people.
The program will no longer be able to pay full benefits if Congress does not act soon.
According to the program's trustees, only 80% of benefits will be paid in the year 2055.
A bill to expand Social Security was brought up for a vote on Monday by two democrats.
Saving Social Security from inflation and protecting it from cuts can be done with social security calculator.
The bill, called Social Security 2100: A Sacred Trust, would expand benefits, which have not been done in about 50 years, according to the chair of the House Ways and Means Subcommittee on Social Security.
It is long past time for us to make sure that we are enhancing a program that they need, especially during this Pandemic.
The chair of the progressive caucus called for action next month.
The bill needs to be sent to the floor for a vote when Congress returns in September.
Rep. Pramila Jayapal, D-Wash., participates in a TV interview at the U.S. Capitol on Nov. 4, 2021.Social Security benefits can be improved in a number of ways according to the latest bill.
The checks should be increased by 2% of the benefit. The minimum benefit above the poverty line would be tied to wage levels.
The measure for the cost-of-living adjustment would be changed in order to keep up with the costs retirees face.
More generous benefits would be given to widows and widowers. Rules that reduce benefits for public workers would be repealed.
The bill would give caregivers credits if they take time out of the workforce to care for children.
Student benefits would be extended to 26 years old. Children living with their grandparents would have more access to benefits.
The waiting period for disability benefits needs to be ended.
The bill calls for applying the Social Security payroll tax on wages over $400,000 to help pay for the benefit increases.
Wages of more than $150,000 are taxed for Social Security. Employers and employees pay taxes on wages at a rate of 6.2%.
A Sacred Trust has 202 co-sponsors in the House of Representative.
One of the Democratic proposals is to tackle social security reform. Each proposal tries to make the wealthy pay more into the program.
The program's solvency would be different if they extended it for longer. The depletion date would be extended to 2038 from the current projected date. Extending the program's solvency past 2096 is one of the proposals led by the senators.
Democrats will have to contend with Republicans who are opposed to raising taxes and expanding benefits.
A proposal by Sen. Rick Scott to end Social Security and Medicare every five years has been criticized. He denied in a Senate hearing that he intended to cut benefits.
Scott wants Congress to review the programs. I won't support cuts to Social Security, Medicare or Medicaid.
The program in both chambers will need the support of both parties to be changed. It's not clear what fixes the two sides can agree on.
"Any Social Security reform that may pass, that can be enacted, is going to be a compromise," said Andrew Biggs, who was nominated to the Social Security Advisory Board by President Joe Biden, in a recent CNBC.com interview.
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