To: Senator Amy Klobuchar and Senator Al Franken
STRENGTHENING SOCIAL SECURITY ACT OF 2013
Petition Statement:
In the midst of the budget battle, Senator Tom Harkin has authored the Strengthening Social Security Act of 2013. We are asking Senators Amy Klobuchar and Al Franken to commit to co-sponsoring this legislation with Senators Tom Harkin, Sherrod Brown, Brian Schatz and Mark Begich.
In the midst of the budget battle, Senator Tom Harkin has authored the Strengthening Social Security Act of 2013. We are asking Senators Amy Klobuchar and Al Franken to commit to co-sponsoring this legislation with Senators Tom Harkin, Sherrod Brown, Brian Schatz and Mark Begich.
Why is this important?
The Social Security Administration, having an independent funding source via payroll deductions, has no impact on our National Deficit or National Debt. However, in past debates over the budget, President Obama has proposed adjustments to Social Security Benefits, such as changing CPI to “chained-CPI” calculations. This would reduce Social Security Benefits for retired citizens, disabled individuals and veterans and deceased workers' survivors. Budget discussions must not include changes to Social Security benefits.
A Public Policy Poll (PPP) in August indicated that significantly more that 50% of Americans are opposed to using the “Chained-CPI” method to calculate inflation adjustments.
The Strengthen Social Security Act of 2013 addresses this issue and others to sustain Social Security and improve the economic and retirement security of millions of Americans (36% of Soc. Sec. recipients receive 90% of their income from Social Security benefits).
The Strengthen Social Security Act of 2013 would:
Strengthen Benefits by Reforming the Social Security Benefit Formula:
The Act would change the method by which the Social Security Administration (SSA) calculates Social Security benefits. This change will boost benefits for all Social Security beneficiaries by approximately $70 per month, but is targeted to help those in the low and middle of the income distribution, for whom Social Security has become an ever greater share of their retirement income.
Ensure that Cost of Living Adjustments Adequately Reflect the Living Expenses of Retirees:
The Act changes the way the Social Security Administration calculated the Cost of Living Adjustments (COLA). To ensure that benefits better reflect cost increases facing seniors, future COLAs will be based on the Consumer Price Index for the Elderly (CPI-E). Making this change to Social Security is expected to result in higher COLAs, insuring that seniors are able to better keep up with the rising costs of essential items, like health care and prescription drugs.
Improve the Long Term Financial Condition of the Trust Fund:
Social Security is not in crisis, but does face a long term deficit. According to the most recent Social Security Trustees' report, the Trust Fund will be able to pay full benefits through 2033 (after which, benefits would only be reduced). To help extend the life of the trust fund, and decrease the 75 year actuarial deficit, the legislation would phase out the current taxable cap of $113,700 and instead ask the wealthiest Americans to contribute to the program the same share of their income as the middle class.
A comprehensive graphic analysis of these issues was produced by Democracy for America, Social Security Works, MoveOn.org and GHERGICH & Co. Please view it at this link:
http://act.democracyforamerica.com/sign/social_security_infographic/?akid=4145.922777.Fz4UDL&rd=1&source=em.socsecinfo.20131108&t=1 (copy & paste)
Americans cannot afford to have their Social Security benefits cut. The Strengthen Social Security Act of 2013 needs to be enacted to protect our retired, disabled and surviving citizens. Please sign this petition to influence our senators to stand up for the strengthening of Social Security.
A Public Policy Poll (PPP) in August indicated that significantly more that 50% of Americans are opposed to using the “Chained-CPI” method to calculate inflation adjustments.
The Strengthen Social Security Act of 2013 addresses this issue and others to sustain Social Security and improve the economic and retirement security of millions of Americans (36% of Soc. Sec. recipients receive 90% of their income from Social Security benefits).
The Strengthen Social Security Act of 2013 would:
Strengthen Benefits by Reforming the Social Security Benefit Formula:
The Act would change the method by which the Social Security Administration (SSA) calculates Social Security benefits. This change will boost benefits for all Social Security beneficiaries by approximately $70 per month, but is targeted to help those in the low and middle of the income distribution, for whom Social Security has become an ever greater share of their retirement income.
Ensure that Cost of Living Adjustments Adequately Reflect the Living Expenses of Retirees:
The Act changes the way the Social Security Administration calculated the Cost of Living Adjustments (COLA). To ensure that benefits better reflect cost increases facing seniors, future COLAs will be based on the Consumer Price Index for the Elderly (CPI-E). Making this change to Social Security is expected to result in higher COLAs, insuring that seniors are able to better keep up with the rising costs of essential items, like health care and prescription drugs.
Improve the Long Term Financial Condition of the Trust Fund:
Social Security is not in crisis, but does face a long term deficit. According to the most recent Social Security Trustees' report, the Trust Fund will be able to pay full benefits through 2033 (after which, benefits would only be reduced). To help extend the life of the trust fund, and decrease the 75 year actuarial deficit, the legislation would phase out the current taxable cap of $113,700 and instead ask the wealthiest Americans to contribute to the program the same share of their income as the middle class.
A comprehensive graphic analysis of these issues was produced by Democracy for America, Social Security Works, MoveOn.org and GHERGICH & Co. Please view it at this link:
http://act.democracyforamerica.com/sign/social_security_infographic/?akid=4145.922777.Fz4UDL&rd=1&source=em.socsecinfo.20131108&t=1 (copy & paste)
Americans cannot afford to have their Social Security benefits cut. The Strengthen Social Security Act of 2013 needs to be enacted to protect our retired, disabled and surviving citizens. Please sign this petition to influence our senators to stand up for the strengthening of Social Security.