'How Does It Make Sense?': John Larson Blasts GOP Calls To Raise The Age Of Social Security

last year

On "Forbes Newsroom," Rep. John Larson (D-CT) spoke about the inexplicable lack of movement by Congress on Social Security in 50 years, the vital nature of the programming in stemming both senior and childhood poverty, his proposed reform package called the "Social Security 2100 Act," and more.

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Transcript

00:00You've been a leader in Congress when it comes to Social Security recently on the House floor

00:05You've expressed your frustration about the lack of movement on the issue and you said this quote

00:10Congress has not acted since 1971 to enhance and improve anything about Social Security

00:16So can you talk to us here a little bit about your concerns?

00:20Well, as you know Brittany Social Security is the nation's number one anti-poverty program for the elderly

00:27It's also the number one anti-poverty program for children and

00:32Imagine the last time that Congress has acted to enhance the program

00:38Richard Nixon was president of the United States. That was back in

00:431971 let me add that both Eisenhower and Nixon to

00:48stalwart Republicans

00:50Enhance Social Security because they knew of the success of the program

00:56But it's been more than 50 years since Congress which is the only body

01:03That can change and enhance Social Security has not taking direct action and suffice it to say

01:10I think for your viewers, they all understand that a lot of things have changed since

01:151971

01:18Cost of living

01:19Of course

01:20And as you know, as I'm sure your constituents know our viewers know account the economy is one of the top issues

01:27Facing Americans as we sit here right now

01:30Social Security is a concern especially for older Americans

01:34Why has there not been movement on this in 50 years and you've been in Congress since 1999. So

01:40Where's the solution?

01:42It defies any

01:45semblance of logic

01:47For some they've called Social Security the third rail, but there's an element that believes the Social Security is socialism

01:56They feel that it costs too much money

01:59But if you examine Social Security and as the president said in his State of the Union message

02:06Really? There's a large a vast group of people because as you know, Brittany Social Security is capped

02:13President Biden has said let's lift the cap on people over

02:18$400,000 of income now, that's six-tenths of 1% of the American people

02:24But for many of them they either pay nothing into Social Security because they avoid the payroll tax altogether

02:31Or they're done paying if they're millionaires in February if they're billionaires

02:37January 2nd while every other American who's part of the program pays throughout the course of the year

02:44So to lift that cap would allow us to enhance benefits

02:49that haven't been enhanced in more than 50 years and then also

02:55extend solvency beyond

02:572066 both of which are vitally

03:00Important and why Congress needs to act and what's frustrating

03:05I think to the American people is all they're asking of Congress to do is vote. That's why we put out Social Security

03:132100 which follows a number of the president's

03:17Suggested changes to it including an increase across the board for everyone

03:23making sure that

03:2523 million Americans who are currently

03:28Still working and receive Social Security that their Social Security benefits aren't taxed

03:35Lifting people who have worked all their lives and paid into the system who get a below poverty level check from Social Security

03:43creating a new floor for Social Security

03:46Repealing the onerous WEP and GPO

03:50Formulas that were put in place back in the 1980s the last time that Congress

03:56Actually looked at Social Security and extended its solvency

04:00But it did so by raising the age and that's the misnomer that I think a lot of people don't understand

04:08Currently Republicans say well, you know people are living longer. Well, yes, that's true

04:13They are and we're happy to see that now

04:16Pandemic may slightly change that but nonetheless they are living longer

04:20But for every year you raise the age

04:23That's a 7% cut in benefits. So let me get this straight Brittany

04:29how does it make sense that if you're living longer a

04:32Program hasn't been adjusted in more than 50 years that you're going to be living on less

04:39It makes no sense whatsoever

04:41But I think that story hasn't been told and that's why we put out Social Security

04:482100 we have over a hundred and ninety plus sponsors already

04:53we think

04:55We'd like to see it brought up this year. We'd like to see it brought up and I know if it goes to the floor

05:00My colleagues on the other side are going to vote for it, but there has been a philosophical

05:06Disagreement over this over some who believe that everybody ought to be able to pull themselves up by their own bootstraps

05:12And there's no need for governmental programs, etc

05:15The great irony, of course is they call it an entitlement

05:20But as you know, this is not an entitlement

05:22This is an earned benefit and people all they have to do is go to their pay stub and they look at it

05:28And it says fight gun

05:30What does that stand for?

05:32federal

05:34insurance

05:35contribution who's

05:37Theirs and they understand it. It's an earned benefit that has no impact on our debt or deficit

05:45Another bogus claim that is made by the other side. It's a separate

05:50Trust fund that's there for the American people that they have paid for

'How Does It Make Sense?': John Larson Blasts GOP Calls To Raise The Age Of Social Security

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