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Social Security

Philosophy and Vision​

We believe that Social Security is a cornerstone of economic security for millions of Americans, providing a vital safety net for retirees, disabled workers, and surviving families. It is a promise made across generations, ensuring that those who have worked and contributed throughout their lives can retire with dignity and that vulnerable individuals receive necessary support. Our vision is to strengthen and expand Social Security, ensuring its long-term solvency and adequacy to meet the needs of an aging population and the rising costs associated with retirement and aging.

Issues, Causes, and Solutions​

Social Security faces long-term financing challenges due to demographic shifts, including increased life expectancy and a lower birth rate, which mean fewer workers are supporting more retirees. The current benefit levels may also be insufficient to cover the rising costs of aging, particularly healthcare and long-term care expenses. The existing note specifically mentions the cost of aging and retirement.

Solutions:

  • Increase the Social Security Tax Cap: Apply the Social Security payroll tax to earnings above the current cap, ensuring that high-income earners contribute their fair share.
  • Adjust the Calculation of Benefits: Explore options to adjust the benefit formula to provide a more adequate income floor for all retirees, particularly low-wage workers.
  • Incorporate the Cost of Aging and Retirement: Explicitly consider and address the rising costs associated with aging and retirement, such as healthcare and long-term care, when evaluating Social Security's adequacy and exploring potential benefit enhancements. This addresses the existing note.
  • Explore Additional Funding Sources: Consider dedicated funding sources, such as a wealth tax or financial transaction tax, to supplement payroll tax contributions and enhance the program's solvency.
  • Improve Cost-of-Living Adjustments (COLAs): Ensure that COLAs accurately reflect the actual increase in costs faced by seniors, particularly healthcare expenses.
  • Oppose Benefit Cuts and Privatization: Strongly oppose any proposals to cut Social Security benefits, raise the retirement age, or privatize the program.
  • Enhance Disability Benefits: Review and improve the process for accessing Social Security disability benefits and ensure that benefit levels provide adequate support for individuals unable to work due to a disability.

Outcome​

Strengthening Social Security will provide greater financial security and peace of mind for millions of retirees, disabled individuals, and families. It will reduce poverty among seniors and vulnerable populations, contribute to a more equitable distribution of wealth, and ensure that the program can meet its promises for generations to come, adequately addressing the costs associated with aging and retirement.