EAST PROVIDENCE – During a Public Forum on the Future of Social Security today at Rumford Towers in East Providence, Democratic Congressmen David N. Cicilline (RI-01) and John B. Larson (CT-01) called on Speaker Paul Ryan to bring up legislation they have introduced to ensure retirement security for millions of Americans by strengthening and preserving Social Security benefits through the end of this century.

“I’m proud to be working with Congressman Larson and our colleagues to responsibly and effectively preserve Social Security through the end of this century,” said Cicilline, who welcomed Larson to Rhode Island today. “Social Security is a promise that after a lifetime of hard work, you should be able to retire with dignity, economic security, and peace of mind. It’s critical that Congress act expeditiously to preserve and strengthen this promise for years to come.”

"Social Security is not an entitlement – these are benefits earned by hard-working Americans who have paid into the system their whole lives. Two-thirds of retirees rely on Social Security for the majority of their income, and it is a lifeline for the disabled and those who have lost a loved one. Anyone who suggests we need to cut Social Security in order to save it are fundamentally misguided. We know there is a better way forward, which is why I am happy to visit East Providence today and proud to work with my friend David Cicilline on a plan that not only strengthens benefits now, but ensures Social Security will be here through the next century."

At a time when millions of Americans are increasingly concerned about their ability to retire with economic security and dignity, the Cicilline-Larson Social Security 2100 Act (H.R. 1391) expands Social Security benefits, cuts taxes for 11 million seniors, provides stronger cost of living adjustments, and requires millionaires and billionaires to pay their fair share.

The proposal, which Cicilline and Larson introduced in March 2015, provides an immediate increase equivalent to 2% of the average benefit for all Social Security recipients. It also improves the annual cost-of-living-adjustment (COLA) formula to reflect the prices of goods and services seniors actually buy – especially housing, health care, and transportation – to ensure that seniors aren’t asked to go without a COLA to protect against inflation. In three of the past seven years, Rhode Island seniors did not receive a COLA as a result of the inadequate formula that is used today.

The Cicilline-Larson Plan also lifts the cap on payroll taxes for individuals making more than $400,000 each year, requiring the wealthiest 0.4% of Americans to pay the same rate as all other workers. The increased revenue generated as a result will provide a tax cut for 11 million seniors and establish a new minimum benefit so that no one who has worked hard and played by the rules is asked to retire into poverty.

While current projections indicate that the Social Security Trust Fund will begin generating annual deficits in 2019 and stop paying out full benefits in 2033, the Cicilline-Larson Plan expands the lifeline of Social Security through the end of this century by gradually phasing in an increase in the contribution rate equivalent to 50 cents per week for the average worker.

Social Security has provided critical benefits for American seniors and retirees for more than 80 years. Today, nearly 218,000 Rhode Islanders collect Social Security benefits, including 155,710 seniors, 37,476 disabled workers, and 17,802 survivors of a deceased spouse or parent. Nationally, more than a third of recipients rely on Social Security for at least 90% of their income. Two-thirds of retirees rely on Social Security for a majority of their income.

Congressman Cicilline has been a strong national voice for Rhode Island seniors and retirees since his election in 2010. Last year, Cicilline proposed re-establishing the House Select Committee on Aging that worked to address issues affecting older Americans from 1973 until 1993. A strong opponent of efforts to cut benefits or privatize the system, Cicilline also led 55 of his House colleagues in urging the Social Security Administration to provide a COLA for seniors.

In addition to leading the effort to pass the Social Security 2100 Act, Congressman Larson has fought to strengthen the guarantee of Medicare and preserve the critical health care benefits it provides for seniors. He has consistently opposed Republican efforts to dismantle existing social safety nets for seniors. Congressman Larson has represented Connecticut’s First District in the U.S. House since 1999.