Our present policies fail far too many Americans in providing a financially secure retirement. Delaney’s plan will help every American to have a secure retirement by ensuring that Social Security remains solvent for future generations and increasing Social Security benefits for those with the most need.
Social Security is one of the government’s most successful programs. It is responsible for the majority of retirement income for most elderly beneficiaries, and Social Security benefits lifted more than 22 million Americans out of poverty in 2017 alone. Social Security is a financially sound system that has taken in $2.9 trillion more than it has paid out, but due to demographic changes the Social Security Administration projects that its two trust funds’ combined reserves will be exhausted in 2035 and that annual tax revenue at that time will only be sufficient to fund 80% of the benefits Americans have earned. Failing to act now, and presenting future beneficiaries with drastic cuts, would be immoral. Delaney is committed to protecting the solvency of Social Security and strengthening the program so it continues to provide for the seniors and other beneficiaries who depend on it for their financial security.
- Delaney would support a Social Security reform package that removes the payroll tax cap so high income earners pay more into the system, uses CPI-E to better determine cost-of-living adjustments for retirees, increases the minimum benefit to support people with modest incomes, provides credits to unpaid family caregivers, and enhances benefits for the very old, who require the most assistance.
- Delaney opposes increasing the Social Security retirement age.
- In Congress, Delaney introduced bipartisan legislation that would create a commission tasked with examining Social Security’s long term health and recommending improvements to the program. The legislation requires the commission to approve its recommendations with a bipartisan supermajority, and the commission’s recommendations would receive expedited consideration in Congress.