Tom Harkin: “I have spoken on the floor of this body on a number of occasions about the impending retirement crisis facing this…”

“I have spoken on the floor of this body on a number of occasions about the impending retirement crisis facing this country. I know from my constituents that the dream of a secure retirement is growing fainter and fainter. In fact, the retirement income deficit--meaning, difference between what people have saved for retirement and what they should have at this point--is a staggering $6.6 trillion and growing. Today, half of Americans have less than $10,000 in savings, and only 14 percent are ``very confident'' they will have enough money for a comfortable retirement. I am deeply concerned by these statistics. That is why, in 2013, I introduced legislation to tackle this challenge head on. My legislation, S. 567 the Strengthening Social Security Act of 2013, would improve the most efficient, most effective retirement program we have--Social Security--in three ways. First, it would increase benefits by about $65 per month for all beneficiaries. Second, it would ensure that annual cost of living adjustments more accurately reflect the cost of living experienced by seniors by adopting the CPI- E. And, finally, it would remove the wage cap so that the payroll tax applies fairly to every dollar of wages. According to the Social Security actuaries, my proposal would increase benefits for current and future beneficiaries while also extending the life of the Social Security Trust Fund through 2049.…”