[Congressional Record Volume 166, Number 43 (Wednesday, March 4, 2020)]
[Extensions of Remarks]
[Page E257]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                SUPPORT FOR THE SOCIAL SECURITY 2100 ACT

                                 ______
                                 

                          HON. ROSA L. DeLAURO

                             of connecticut

                    in the house of representatives

                        Wednesday, March 4, 2020

  Ms. DeLAURO. Madam Speaker, let me commend my colleague and friend 
Congressman John Larson, the chair of the Ways and Means Social 
Security Subcommittee, for his leadership and his legislation the 
Social Security 2100 Act. He is a tireless advocate for upholding our 
promise to our seniors, with respect to their retirement and their 
economic wellbeing.
  Perhaps the ultimate legislative expression of our nation's shared 
values is our Social Security program. In 1935, our federal government 
made a promise to American workers that if they worked hard all of 
their lives, they would not fall into poverty when they retire. Social 
Security is foundational to tens of millions' Americans economic 
security as they retire. It provides a stable and secure source of 
income for our nation's seniors and their families. We continue to keep 
that promise today, as Social Security lifts out of poverty 22 million 
seniors nationwide and 130,000 in Connecticut.
  In fact, according to the Economic Policy Institute, quote, ``Social 
Security remains by far the most important source of income for most 
seniors. It constitutes most of the income of seniors in the bottom 
half of the income distribution.''
  Yet, a cliff is coming. Social Security no longer stretches as far as 
it once did. Even with their Social Security benefits, more than 5 
percent of Connecticut's seniors are living in poverty. And, if we do 
nothing, in less than 15 years, Social Security benefits will be cut by 
nearly 25 percent.
  When Social Security does not keep up with the cost of living, or 
modern economic challenges, seniors are robbed of their dignity and 
independence. They suffer when we do not uphold our promise. That is 
why we need to protect and enhance Social Security and to ensure it is 
able to help those who need it. That is why we need the Social Security 
2100 Act.
  It was introduced by my dear friend Congressman John Larson. I am an 
original cosponsor. The bill expands benefits, strengthens the Social 
Security trust fund, and cuts taxes for seniors. The bill and House 
Democrats' leadership is critical at a time when Americans are 
struggling with stagnant incomes and a lack of good-paying jobs.
  In total, this bill would boost benefits for 62 million people. And, 
it will put the program on sound financial footing for the next 75 
years.
  It does so with several smart steps, including by having millionaires 
and billionaires pay the same tax rate as everyone else. For many 
Americans, this is commonsense. What is nonsensical, however, is that 
Republicans passed a $1.5 trillion tax giveaway for the wealthy and 
well-connected. 83 percent of the benefits go to the top 1 percent.
  Instead of a giveaway to the rich, it is time for an investment in 
working people and seniors. That is what we are trying to do with the 
Social Security 2100 Act.
  Experts have pointed to its economic benefits, for both individuals 
and the nation. For example, former Council of Economic Advisors Chair 
Jason Furman and former Treasury Secretary Lawrence Summers, have said 
this legislation would positively impact economic growth.
  As President Franklin Delano Roosevelt said of Social Security in 
1934, quote, ``This seeking for a greater measure of welfare and 
happiness does not indicate a change of values. It is rather a return 
to values lost in the course of our economic development and 
expansion.''
  Values lost, an apt description for our economy today. Costs 
skyrocketing. Wages stalling. Savings stagnating. And, seniors 
suffering. But, with this legislation, we can be returning to values 
lost, to upholding our promise, to ensuring economic security.
  All Americans must keep up the fight to protect and expand social 
safety net programs like Social Security, The 60 million Americans 
receiving Social Security and countless more who will receive it are 
counting on us, and we will deliver.

                          ____________________