U.S. Senator Richard Blumenthal of Connecticut says Social Security is in need of an update to plan for future generations.
Blumenthal said his bill, the Social Security 2100 Act, would increase the payments made by the social insurance program and would also increase the cost of living adjustment for people over the age of 62.
“There are many, many people who are in poverty because Social Security is inadequate, and we want to raise the payments under Social Security. For people who earn above $400,000 and now pay no additional payroll tax, they should pay their fair share.”
Blumenthal said Connecticut residents fail to keep up with the rising cost of living because the amount they receive in payments from Social Security is not rising fast enough.
He said Social Security could be unable to make payments by 2035 if the bill isn’t passed this session.
