Eric Swalwell: “I have spoken to my constituents who are concerned about the viability of Social Security. They want big ideas and…”

“I have spoken to my constituents who are concerned about the viability of Social Security. They want big ideas and long-term solutions. Instead, there are solutions right now and proposals to switch to a chained CPI formula to calculate cost-of-living adjustments for Social Security beneficiaries to save money. This would reduce benefits and only extend Social Security solvency for 2 years. I do not support the use of chained CPI. It reduces the amount of Social Security checks, but not the rising cost of health care, water bills, or other fixed costs that seniors continue to face. The importance of Social Security is evident in the lives of millions of beneficiaries, including my own father and grandmother. It's an earned benefit that these hardworking Americans have paid into their entire lives. That's why I have signed on to House Concurrent Resolution 34 to express my clear opposition to this misguided reduction in benefits. But I don't stand here just to knock down ideas. Instead of reducing benefits through chained CPI, I believe we should raise the cap on payroll contributions. Currently, Social Security taxes are only collected on the first $113,000 of earnings. By raising the cap, we can extend Social Security solvency without cutting benefits. I urge my colleagues to join me in opposing chained CPI. ____________________”