[Congressional Record Volume 160, Number 31 (Tuesday, February 25, 2014)]
[Senate]
[Pages S1043-S1044]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   STRENGTHENING SOCIAL SECURITY ACT

  Mr. HARKIN. Mr. President, I have spoken on the floor of this body on 
a number of occasions about the impending retirement crisis facing this 
country. I know from my constituents that the dream of a secure 
retirement is growing fainter and fainter. In fact, the retirement 
income deficit--meaning, difference between what people have saved for 
retirement and what they should have at this point--is a staggering 
$6.6 trillion and growing. Today, half of Americans have less than 
$10,000 in savings, and only 14 percent are ``very confident'' they 
will have enough money for a comfortable retirement.
  I am deeply concerned by these statistics. That is why, in 2013, I 
introduced legislation to tackle this challenge head on. My 
legislation, S. 567 the Strengthening Social Security Act

[[Page S1044]]

of 2013, would improve the most efficient, most effective retirement 
program we have--Social Security--in three ways. First, it would 
increase benefits by about $65 per month for all beneficiaries. Second, 
it would ensure that annual cost of living adjustments more accurately 
reflect the cost of living experienced by seniors by adopting the CPI-
E. And, finally, it would remove the wage cap so that the payroll tax 
applies fairly to every dollar of wages. According to the Social 
Security actuaries, my proposal would increase benefits for current and 
future beneficiaries while also extending the life of the Social 
Security Trust Fund through 2049.
  Recently, an organization that I have worked closely with for many 
years, the National Committee to Preserve Social Security & Medicare, 
launched a campaign in support of a proposal that would boost Social 
Security benefits, including my legislation. I deeply appreciate the 
support of the national committee, and commend them for their work to 
strengthen and expand Social Security. I look forward to continuing to 
work with them, and other supportive organizations, to confront our 
Nation's retirement crisis. Strengthening and expanding Social Security 
is the crucial first step.

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