Hawaii Senate Bill SCR109

Hawaii 2024 Regular Session

• Introduced: 3/8/24
• Refer: 3/14/24
• Report Pass: 3/25/24
• Engrossed: 4/3/24
• Refer: 3/25/24
• Refer: 4/4/24

Caption

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

Impact

The resolution emphasizes that the Social Security 2100 Act intends to enhance the long-term sustainability of the Social Security Trust Funds without raising taxes on the middle class. Notably, it proposes a two percent increase in benefits for all beneficiaries, improvements to cost-of-living adjustments, and restoration of benefits for students up to age 26 for children of deceased or disabled workers. The intent is to alleviate financial pressures on seniors while ensuring ongoing support for vulnerable populations.

Summary

SCR109, a Senate Concurrent Resolution from Hawaii's Thirty-Second Legislature in 2024, urges the United States Congress to adopt the Social Security 2100 Act. This resolution highlights the importance of Social Security in providing essential financial benefits to retired individuals and those with disabilities. It calls for action due to the projected depletion of the Social Security trust funds by 2034, which would significantly reduce timely benefits to only 78% of scheduled amounts, potentially affecting millions of beneficiaries, particularly the aging baby boomer generation reaching retirement age.

Conclusion

SCR109 underscores the urgency for Congress to act in order to preserve Social Security for both current and future retirees. By advocating for the Social Security 2100 Act, the resolution frames this legislative support as a critical step towards reinforcing the financial safety net that has been a cornerstone of American social policy since its inception.

Contention

While the SCR109 resolution expresses strong support for the adoption of the Social Security 2100 Act, it also urges Congress to resist any attempts at privatizing Social Security benefits. Privatization, as articulated in the resolution, poses a risk to the financial stability of beneficiaries' retirement savings and redirects funds to private entities instead of keeping them within the public social safety net. This position reflects broader concerns within legislative discussions over the need to protect Social Security from policies that may undermine its foundational goals.