Political Quotes

“Mr. President, older American workers are a vital source of economic strength. Before the pandemic, there were more seniors in the workforce than there were 20 years ago, and men and women age 55 and older lifted the overall labor force participation rate by a substantial margin. During the pandemic, more than 3 million seniors retired early, and millions more are considering early retirement. These losses harm seniors' retirement security by reducing their income and benefits. That is why today, with my good friend Senator Rubio, I am introducing the Senior Citizens' Freedom to Work Act, which would repeal the Social Security retirement earnings test. The earnings test is a confusing work disincentive. It says that you lose half your Social Security benefits if you earn more than $18,960. Then it gives your benefits back at full retirement age. The problem is that many seniors know their benefits will be cut if they make too much money, but not that they will be replaced later. They treat the earnings test like a 50-percent tax and work less to avoid it. When I have spoken to small business owners in South Carolina they have made clear to me that the earnings test is in fact a disincentive for many older workers, and it harms their businesses. Older Americans want to earn just enough that they fall right under the threshold so their benefits don't get cut, which makes it harder for small businesses to hire them even on a part-time basis.…”