Several plans that would increase Social Security benefits have been talked about, including the Social Security 2100 Act, which is currently making the rounds in Congress. Although many people believe Social Security should be increased for the poor and middle class, they also don’t believe the rich need any extra help.
In an opinion piece recently published by The Hill, four former Democratic officials, Jacob Lew, Henry Aaron, Kenneth Apfel and Robert Reischauer, are all for increasing revenue for Social Security to extend the longevity of Social Security benefits, but question whether everyone should also see an increase in benefits.
“The benefit increase that the bill calls for will put additional dollars in the pockets of those whose retirement incomes are already adequate as well as those of people who clearly need help,” the officials wrote.
They claim that beneficiaries with the highest incomes will benefit the most from the legislation and that the tax bill would be too high when it can be spent on other things.
“Would this commitment crowd out needed spending on such other benefits for the elderly and disabled as prescription drug reform and improved long term care, as well as for broader national priorities like education, infrastructure, health care, and child care?’ they questioned.
These officials make some good points, although it should be noted that they are not entirely opposed to the bill or the ideas around it. They applauded the Democrats efforts to do something. No matter what type of legislation that is offered there are going to be opponents to it. Although there is strong Democratic support for the Social Security 2100 Act, there is still a large mountain to climb. Even if the U.S. House passes the bill the U.S. Senate would likely not unless the Democratic Party regained control after the 2020 election.
