Expect Biden, Democrats to Boost Social Security
By Max Richtman, Woodville, Va
As if my neighbors in Rappahannock where I live - like all Americans - needed a reminder of how invaluable Social Security is, the pandemic has underlined its importance. Social Security was there for older Virginians who lost their jobs or were forced to retire early by sickness or disability. It was there as a financial lifeline for Virginia retirees, who face higher medical expenses or loss of other income during the pandemic. It was there for families of beneficiaries when they became sick, disabled, or passed away.
Over a quarter of the 7,500 persons who, like me, call Rappahannock home, benefit from Social Security’s monthly checks. It is a fact that Social Security provides basic financial security for some 1.6 million Virginians from Tidewater to the Blue Ridge, including 1.1 million retirees. The average monthly Social Security benefit in Virginia is $1,598, a modest yet significant amount that keeps many seniors from falling into poverty. Beneficiaries use these monthly checks for everything from housing costs to groceries to medical expenses. Virginians earned these benefits by contributing a portion of their wages to Social Security over a lifetime of hard work.
Knowing that they could count on Social Security for basic income, many seniors were able to help take care of their grandchildren during the pandemic, while parents were stretched to their limits. With that fundamental financial security, older people are able to venture back into their communities as the mentors and volunteers they have always been.
Unfortunately, President Biden inherited a Social Security program that is on a weaker footing than when Donald Trump took office. President Trump undermined Social Security and proposed to slash its disability program by billions of dollars. But President Biden has a window of opportunity to strengthen and expand the program – both by working with Congress and through executive action. In fact, the President is well positioned to safeguard one of the landmark achievements of one of his most prominent Democratic predecessors, Franklin D.
Roosevelt, whose son, Congressman James Roosevelt, founded our organization.
President Biden made a commitment to seniors and their earned benefits. He has called Social Security and Medicare“sacred obligations” and offers a commonsense list of Social Security proposals which we support, including:
• Adjusting the Social Security payroll wage cap (currently set at $142,800) so that yearly wages over $400,000 are subject to Social Security payroll contributions. It is past time for the wealthy to pay their fair share.
• Providing the oldest beneficiaries – those who have been receiving retirement benefits for at least 20 years and are most likely to have exhausted their financial resources– with a higher monthly check.
• Giving eligible workers a guaranteed minimum benefit equal to at least 125% of the federal poverty level.
• Raising monthly benefits for widows and widowers by some 20%.
There is significant overlap between President Biden’s proposals and Rep. John Larson’s Social Security 2100 Act, which we fully endorse. Passing ambitious Social Security improvements may prove difficult in the Senate, where Democrats hold the slimmest of majorities. But we trust that President Biden and Social Security champions in Congress will continue to fight to strengthen and expand the program.
The Biden administration has already begun rolling back some of President Trump’s onerous executive actions affecting seniors’ earned benefits. It is not always a straightforward or easy process, but the new President and Congressional Democrats will do their level best with the power they have. They will need the support of seniors and workers who know that Social Security is the bedrock of the working and middle classes, in Rappahannock County, in the Commonwealth of Virginia and throughout the U.S.A.
Max Richtman, a resident of Woodville Va, is President and CEO of the National Committee to Preserve Social Security and Medicare piece