Petition to the Leadership of the Congress of the United States:
Boost Social Security Benefits NOW
Social Security is the major source of income for most of America’s elderly with 46% of retirees depending on Social Security for 90% or more of their income and an average monthly benefit of just $1,657.
Although the Social Security COLA in 2022 was a historically high 5.9 percent, the 14.55 percent increase in Medicare Part B premiums alone has left many beneficiaries still facing skyrocketing prices for food, housing and other necessities with few additional resources.
Older Americans spend on average 14% of their income on health care, yet those costs are not fully factored into the current COLA formula.
American families spend $1 trillion in Social Security benefits nationwide each year, providing vital economic stimulus to local businesses and state economies they wouldn’t have without Social Security.
Rather than calling for benefits cuts through proposals like raising the retirement age or a Chained CPI, we should be talking about boosting benefits, adopting the more accurate consumer price index for the elderly (CPI-E) and increasing the minimum benefit formula. This benefit improvement could be paid for by lifting the payroll wage cap.
Legislation is currently pending in Congress which makes these improvements to Social Security and more, while also extending the solvency of the Trust Funds. The bill, Social Security 2100: A Sacred Trust (H.R. 5723 in the House and S. 3071 in the Senate), makes long-needed improvements to Social Security and pays for the changes by requiring more high-income individuals to pay their fair share into this critical program.
Improving Social Security is a high priority for me as your constituent. I petition Congress to take up and pass Social Security 2100: A Sacred Trust without delay, increasing Social Security benefits to providing a livable retirement for millions of Americans and their families, today and tomorrow.