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U.S. Senator Sherrod Brown
Strengthening Social
Security for Generations to Come
Tuesday, November 12, 2013
As a grandfather of two, with one more grandchild on the way, I
appreciate what a wonderful gift it is when grandparents can spend more
time with their grandchildren by living longer and healthier lives –
which happened, in part, because we, as a nation, invested in Social
Security.
Today, almost 63 million Americans receive Social Security benefits.
And in Ohio, that number is nearly two million. Yet, just as we as
grandparents are there for our families, we need to make sure that
Social Security is there both now and for future generations. In fact,
preserving and expanding social security is a moral issue.
Here’s why this is a moral issue. For nearly two-thirds of seniors,
Social Security provides more than half of their cash income. For more
than one-third of seniors, Social Security provides more than 90
percent of their income. And for one-quarter of seniors, Social
Security is the sole source of income. Think of that. After working
hard all their lives, one out of four seniors would be destitute,
having no income, without Social Security.
Unsurprisingly, Social Security helps to lift approximately 600,000
Ohioans out of poverty. In fact, if we didn’t have Social Security,
Ohio’s poverty rate for seniors over age 65 would be 48 percent.
Because of Social Security, Ohio’s poverty rate for this group of
seniors is 8 percent. The result is that seniors are able to live
happier and healthier lives providing them with the time and
opportunity to spend more time with their families.
Yet, Social Security is under attack by those who wrongly think it adds
to the federal deficit and want to cuts benefits under the false
premise of deficit reduction.
Even though Social Security is operating at a surplus and is funded
separately from the rest of the government, these are the same
politicians who want to give extra tax cuts to the wealthiest two
percent of Americans and tax breaks for big corporations while using
every budget impasse as an opportunity to “reform entitlements.”
What this reform entails is always the same: cutting Americans’
hard-earned, Social Security benefits. Naysayers say that the program
is unsustainable. But I don’t hear the same thing about the Department
of Defense or tax loopholes for hedge fund managers.
Here’s a general rule of thumb. When people tell you that they want to
“save” Social Security by cutting the benefits of the people that have
paid into the program, it’s a pretty good indicator of their intentions.
What they don’t tell you is that we can not only strengthen Social
Security, but also extend its life, by making sure that middle-class
Americans and wealthy Americans pay into social security at the same
rate.
That’s why I’m co-sponsoring the Strengthening Social Security Act of
2013. This legislation would do a number of things to improve Social
Security and ensure its solvency.
First, it would change the Social Security benefit formula so that all
beneficiaries will get an extra $60-70 a month. Too many seniors have
to pick and choose which bills they can afford to pay each month. This
extra money would help make sure they don’t have to choose between
paying the heating bill or rent.
Second, it provides a cost-of-living adjustment or COLA that actually
reflects the rising costs seniors face. The current formula used to
calculate COLAs for Social Security recipients actually measures the
costs of younger, employed individuals—and simply does not reflect a
retiree’s true expenses, which can include high prescription drug bills.
Finally, this legislation would ask the wealthiest Americans to
contribute to Social Security the same percentage that working- and
middle-class Americans do. This will extend Social Security’s surplus
an additional 16 years, from 2033 through 2049.
For millions of seniors, Social Security has meant food on the table
and a roof over their head. And for our nation, Social Security has
meant a lower poverty rate. Because of Social Security, more seniors
are able to enjoy life and spend time with the families. That’s why I’m
proud to support this legislation to strengthen and expand Social
Security so that it can be there for generations to come.
Sincerely,
Sherrod Brown
U.S. Senator
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