Urging The United States Congress To Adopt The Social Security 2100 Act.
The Social Security 2100 Act, introduced in 2023, proposes measures to improve the long-term financial health of the Social Security Trust Funds without imposing additional taxes on the middle class. Among its provisions, the act aims to increase benefits by 2% for all beneficiaries for the first time in over fifty years, enhances the cost-of-living adjustments to better account for economic inflation, and restores benefits for students up to the age of 26 for dependents of disabled or deceased workers. These changes are particularly critical as many beneficiaries are reliant on Social Security as their primary source of income.
Senate Resolution 91 (SR91) urges the United States Congress to adopt the Social Security 2100 Act, a legislative effort aimed at strengthening the Social Security system, which has been integral in providing financial security to retirees, senior citizens, and individuals with disabilities since its inception in 1935. The resolution highlights the alarming projection that the trust fund reserves for Old-Age and Survivors Insurance, as well as Disability Insurance, may be depleted by 2034, which could lead to significant reductions in benefits. Each day, over ten thousand individuals from the baby boomer generation are becoming eligible for these benefits, underscoring the urgency of the situation.
While SR91 reflects a strong legislative push for enhancing Social Security, it also stresses the importance of avoiding the privatization of these benefits, which could redirect retirement funds into potentially riskier financial markets. This standpoint highlights concerns among advocates that privatization could jeopardize the benefits of current and future retirees. The resolution not only requests Congress to adopt the Social Security 2100 Act but also explicitly encourages legislators to reject any proposals aimed at privatizing Social Security— a topic that has been divisive among policymakers and interest groups alike.