Last Thursday, over 100 Alliance activists from across the country dialed in to hear from U.S. Sen. Tom Harkin (D-IA), chair of the Senate’s Health, Education, Labor, and Pensions Committee, about the critical issues of Social Security and pensions. The Senator took questions and spoke about his top legislative priority: Senate Bill 2252, the Rebuild America Act.
The Rebuild America Act includes a number of provisions that strengthen Social Security and retirement security (in addition to other measures that would help to rebuild the middle class). The bill would extend the solvency of the Social Security Trust Fund by phasing out the tax cap so that everyone pays their fair share into Social Security.
The Rebuild America Act will also change the benefit calculations for the annual cost-of-living adjustments or COLA for all Social Security programs by switching over to a price index that takes the expenses incurred by seniors into account. By adjusting the benefit formula, the RAA would increase Social Security benefits on average by $800 per year. Senator Harkin said, “Not only can we not cut Social Security, we have to increase Social Security benefits.” More on this legislation here.
Senator Harkin has showed a strong committment to seniors issues while in Congress. Alliance members were glad for the opportunity to hear from the Senator about this plan that would strengthen Social Security, retirement security and benefit the 99%. Learn more about the Rebuild America Act here.