Hawaii House Bill HCR46

Hawaii 2024 Regular Session

• Introduced: 3/5/24
• Refer: 3/8/24
• Report Pass: 3/28/24
• Refer: 3/28/24

Caption

Urging The United States Congress To Adopt The Social Security 2100 Act.

Impact

The Social Security 2100 Act is designed to extend the solvency of both the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund without raising taxes on the middle class. Proponents of the act assert that it will lead to a two percent increase in benefits for all Social Security beneficiaries for the first time in fifty-two years, as well as improvements in cost-of-living adjustments to better reflect the actual economic conditions faced by seniors. This act also aims to restore benefits for dependents of disabled or deceased workers, enhancing access to crucial financial support.

Summary

HCR46 is a Concurrent Resolution introduced in the Hawaii House of Representatives, urging the United States Congress to adopt the Social Security 2100 Act. This act aims to improve the long-term health of the Social Security system, which is facing projected funding challenges due to the retirement of the baby boomer generation. The resolution highlights the urgent need for legislative action to address these concerns and ensure continued benefits for retirees, individuals with disabilities, and their families.

Contention

While the resolution expresses strong support for the Social Security 2100 Act, it also reflects concerns regarding potential privatization of Social Security benefits, which is seen as a threat to the financial security of beneficiaries. The resolution calls for the rejection of projects that would compromise the public nature of Social Security and redirect funds into private accounts susceptible to market fluctuations. Thus, HCR46 underscores the necessity of maintaining Social Security as a stable and reliable public entitlement without the risks associated with privatization efforts.