Debunking The Myths About Social Security. Democratic Perspective welcomes back Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare to talk about fixing Social Security. He begins by talking about the myth that Social Security is broke. He then addresses the current bill designed to improve the program and ensure its viability for the rest of the future – HR860, the Social Security 2100 Act. Sponsored by Representative John Larson of Connecticut, the bill now has at least 206 co-sponsors in the House. It would adjust the income cap on Social Security premiums so that, after the current wage cap is met, the premiums would begin again on income of more than $400,000. It would also adjust the formula for Cost of Living Adjustments (COLA) to more accurately reflect the costs to seniors.
Richtman reminds us how important Social Security is for the economy – that most of the money is spent on necessities so it has a multiplier effect on the economy leading to more jobs and business. Moreover, one third of the beneficiaries of Social Security are non-retired workers, including survivors, spouses, children, and the disabled.