Political Quotes

“Americans today are leading healthier and longer lives than ever before. By the year 2030, one-fifth of our American population will be age 65 or older. Given the demographics of the 21st century, it is clearly in our national interest to encourage people to stay in the workforce longer. Today, however, older Americans age 65 through 69 are currently discouraged from working since they lose $1 in Social Security benefits for every $3 they earn over $17,000. I am, therefore, very pleased this week the Senate will consider H.R. 5, the Senior Citizens Freedom to Work Act, to eliminate the Social Security earnings test that unfairly penalizes senior citizens who need or want to keep working. The elimination of this penalty will be particularly helpful to women. Women frequently have interrupted work histories because they take time off to raise their families. Historically, unfortunately, they also earn less than men. As a result, women are twice as likely to retire in poverty as men. Many women do not have sufficient savings or a private pension, and they depend upon the money they earn to supplement their Social Security benefits in order to make ends meet. These low-income seniors are particularly hard hit by the earnings test, which amounts to a 33-percent tax on their earned income over and above what they are already paying in Federal, State, and Social Security payroll taxes.”