A new proposal to expand Social Security would make it much better for working Americans

Feeling their progressive oats after a few years in the wilderness, House Democrats on Tuesday revived a proposal to increase and expand Social Security benefits while making the program more solvent for the foreseeable future.

The Social Security 2100 Act, introduced by Rep. John Larson (D-Conn.) with 200 Democratic co-sponsors, would make the program more relevant to today’s workers by increasing benefits for all retirees, improving cost-of-living increases by changing the formula, and increasing the minimum benefit for the lowest-income households. (Actually, it’s re-introduced: A nearly identical version was brought before the then-GOP controlled House in 2017 and went nowhere.)

Although all employees would pay a slightly higher payroll tax over time, the measure would make sure that the richest Americans, who largely get a pass on their responsibilities to fund the program, would finally pay their fair share. We’ll get to the details in a moment.

Observing that “Congress has added no new protections nor voted increases in benefits for over half a century,” Nancy Altman, president of the advocacy group Social Security Works, called the bill’s introduction “a new and positive chapter” in the history of the program.

– The Los Angeles Times

Read the full article here.