Moreno teams up for Social Security fix
Read it here: Ohio's Senator's New York Times op ed written with Sen. Elizabeth Warren
SANDUSKY — Call it a match made in heaven; they’ve made a connection.
Two U.S. Senators—Bernie Moreno of Ohio and Elizabeth Warren of Massachusetts—are urging Congress to take action to protect and preserve the Social Security Trust fund.
In a joint New York Times op-ed, they are calling for raising payroll taxes on the wealthy to save Social Security.
“One of us is a Republican from Ohio who built a business that generated hundreds of jobs. The other is a Democrat from Massachusetts who built a career protecting consumers from financial tricks and traps.
“We don’t agree on everything, but here’s one thing we do agree on: Congress must act now to save Social Security for generations of Americans to come.”
Moreno and Warren support the “common-sense solution: lifting the Social Security payroll tax cap,” they wrote in the op ed.
The op ed also reflects the message that Sue Daugherty has been bull horning to the community for months — that Congress must act. The executive director of Serving Our Seniors has scheduled a forum in August, inviting Moreno and U.S. Sen. Jon Husted to participate. Daugherty also invited U.S. Rep. Marcy Kaptur to the forum at 1-3:30 p.m. August 20 at the UAW Hall on Hayes Avenue in Sandusky. Kaptur is the only elected representative, so far, to agree to participate. Make reservations to attend by calling 419-504-0585.
The U.S. Congress is responsible for the Social Security Act of 1935. The proposal for reforms, updates and modernized legislation supported by Moreno and Warren has other support from both sides of the aisle.
Serving Our Seniors represents more than 20,000 Erie County residents age 60 and older, supporting independent, active living. A substantial portion of the county’s residents rely on their earned Social Security benefits, Daugherty said. If Congress fails to enact reforms the Trust fund’s obligations will outstrip its revenues and automatic cuts to the benefits customers receive could range from 20-28%, according to federal projections.
The Social Security forum in Sandusky is cosponsored by StayTunedSandusky.com and will feature a panel of experts fielding audience questions. The date of the forum was pushed back to August, when Congress is in recess. Moreno and Husted have not RSVPd.
Here is an AI recap of reforms that are being considered by Congress:
Social Security Expansion Act: Introduced in Congress, this bill seeks to increase monthly benefits and change how annual cost-of-living adjustments (COLAs) are calculated to better reflect seniors’ actual costs.
Revenue Adjustments: To prevent an estimated 22% cut in benefits by 2032, proposals include increasing the payroll tax rate or eliminating the cap on taxable earnings (which stands at $184,500).
Bipartisan Solvency Funds: Other legislative ideas, such as those proposed by Sen. Bill Cassidy, suggest creating a separate fund to invest in stocks on the program’s behalf to cover the shortfall.
