Rep. Larson and Sen. Cassidy Named Legislators of the Year for Their Work on Social Security
Category: Social Security
May 9, 2023 — Topretirements.com just named a Republican Senator and a Democratic Congressman as 2023 National Legislators of the Year. Senator Bill Cassidy (R.LA) and Representative John Larson (D. CT) were selected for the honor in recognition of their bi-partisan efforts to forge a solution for the impending Social Security crisis.
According to the Social Security 2023 Trustees Report, its reserves will become depleted by 2033, with continuing contributions sufficient to pay only 77 percent of scheduled benefits. As they do every year, the Trustees Report urged legislative action to avoid a funding shortfall that will eventually hurt every working American’s retirement security. Check this out” “What Is Your Social Security IQ?“
Representative Larson has developed the most specific bill seen so far to fix Social Security. Social Security 2100: A Sacred Trust, addresses 15 specific points to improve this popular benefit, and includes a strategy for shoring up its finances. Some of his ideas include making up for past COLA adjustments with a modest benefit bump, repealing the Windfall Elimination Provision, and providing caregiver credits. His plan to bolster the Trust funds includes a payroll tax on wages over $400,000 per year (currently that stops at $160,200).
Senator Cassidy is co-leader of a Senate group that is trying to protect Social Security. A joint statement made earlier this year by that group said that they are considering dozens of ideas to protect Social Security. The group stresses that it’s important to look at all the components of a solution together, especially in the context of the crisis we face if nothing is done. There are dozens of considerations being weighed to protect Social Security, including locking early retirement at 62, an ironclad protection for lower-wage workers, and seeking avenues to increase benefits immediately.
John Brady, founder of Topretirements.com, commented on the award. “We are very pleased to recognize Sen. Cassidy and Rep. Larson for their work on finding a bi-partisan solution to this issue. Every month that goes by makes it harder to fix the problem. We salute these legislators for not only recognizing this critical problem, but for actually doing something to advance a solution that is so needed by America’s retirees, many of whom who will be living in poverty unless this crisis is resolved.”
Comments on "Rep. Larson and Sen. Cassidy Named Legislators of the Year for Their Work on Social Security"
Admin says:
Congrats to these legislators. I just saw this from the Center for Retirement Research at Boston College: "The key finding is that roughly half of the nation’s working-age households are at risk of falling short even if they work to age 65 and annuitize all their assets." So something had better be done or a whole lot of retirees are going to be eating cat food.
Tim Hight says:
Thank you for your ongoing efforts to fixing Social Security.
mikenoneya says:
Congressional voting scorecards from two senior advocacy groups:
https://www.ncpssm.org/scorecard/?utm_source=silverpop&utm_medium=email&utm_campaign=20200917-BW-Active-NonMember-1-Newsletter-CONTROL_THROT%20B&utm_content=&eml_name=20200917-BW-Active-NonMember-1-Newsletter-CONTROL_THROT%20B&eml_id=43483225
https://retiredamericans.org/voting-record/
Admin says:
We could use a little more of this bipartisan spirit on the impending debt ceiling disaster. Come on folks, let's work together, that's what we elected you to do!
Admin says:
Sen. Cassidy was interviewed at NPR about Social Security. Republican Bill Cassidy Wants to Save Social Security: Will Washington Let Him? https://www.npr.org/2023/05/12/1174761268/cassidy-social-security
Admin says:
Their work on Social Security is good. But, all of this nonsense with the debt ceiling could give us a problem next week - and won't have to wait until 2033. If the US defaults on the debt, maybe the white house and congress's paychecks should also be delayed.
Sharon L Alexander says:
Admin, I like your comment about the white house and congress paychecks also being delayed. That would give them incentive to move more quickly. Personally, the fact there are about 8 Republicans who are far right holding all of us hostage is insane. Unfortunately, the party leader knows they will take him down if he does what they don't want.
Admin says:
Social Security remains as an issue that everyone agrees "we have to do something about it", yet it is always all talk and no action. A new poll from Social Security Works and Data for Progress found voters have one big concern about a commission approach to solving the SS problem — it would require benefit cuts. As one expert said, a commission is a great thing to hide behind when you are making cuts.
When asked if they would support the creation of a commission that would be “tasked with cutting some forms of government spending, including Social Security and Medicare,” 72% of respondents said they opposed the move. Only 22% supported it.
The poll also asked respondents whether they would vote for their member of Congress in 2024 if they joined a commission that recommended cuts to Social Security and Medicare benefits. The results found 67% of those surveyed would be less likely to vote for their member, 15% would be more likely to support them and 18% said it would not impact their decision.