NEWS: Sanders Warns Democrats: Don’t Open Back Door for Republicans to Cut Social Security

WASHINGTON, Aug. 4 — After the Social Security Administration warned that 70 million Americans will have their benefits cut by 2032 unless Congress takes action, Sen. Bernie Sanders (I-Vt.) today called on Senate Democrats to strongly oppose the PROMISE Act — legislation allowing congressional Republicans to slash or privatize Social Security through an unelected commission. Sanders instead urged his Democratic colleagues to support his legislation, backed by 78% of the American people, to apply the Social Security payroll tax on all income above $250,000 a year, increase benefits by $2,400 a year and expand Cost-of-Living Adjustments. In 2023, the Social Security Administration estimated that this legislation would make Social Security solvent for 75 years without raising taxes on 91 percent of Americans who make less than $250,000 a year. “The Democratic Caucus must make it abundantly clear that under no circumstances will we support legislation that cuts Social Security benefits, raises the retirement age, reduces Cost-of-Living Adjustments (COLAs), or privatizes this essential program,” Sanders wrote. “At a time when the wealthiest people in America are becoming much wealthier, asking them to pay the same percentage of their income into Social Security as teachers, nurses, firefighters, and construction workers is not a radical idea. It is common sense. It is what the American people want… Unfortunately, instead of clearly telling the American people how we intend to strengthen Social Security, there are now Members of Congress who are considering legislation that moves us in exactly the wrong direction.” Seniors in America today face the highest rate of poverty of almost any major country. Over 20% of seniors are trying to survive on an income of less than $15,000 a year and nearly half of older workers have no savings or plan for retirement. Yet despite this retirement crisis, billionaires continue to pay much less proportionally into Social Security than do working-class Americans, and Republicans in Congress are making their intention to undermine the program clear. Last week, Senate Republicans called Social Security a “scam” on the Senate floor. In his letter, Sanders warns that the PROMISE Act would enable departing members of Congress who have lost the confidence of the American people — especially those from a party that might have lost control of one or both chambers following November’s elections — to determine the future of Social Security for the next 50 years. “At a time when the very rich are getting richer while working families struggle, it is no great secret that millions of Americans no longer have faith in the political process or either major party. They see the current political system as rigged and corrupt, benefiting the powerful and wealthy campaign contributors. If the Democratic Party is ever to regain the faith of ordinary Americans it must stand firm on the issue of Social Security,” Sanders concluded. “Instead, we will strengthen and expand Social Security by requiring the wealthiest Americans to finally pay the same percentage of their income into Social Security as tens of millions of working people do today. That is how we prevent benefit cuts. That is how we expand Social Security. That is how we extend Social Security’s solvency for generations to come. That is how the Democratic Party begins to regain the trust of the American people.” Read the letter here .