New Social Security Bill to Improve Cost-of-Living Formula for Senior Citizens

Rep. John B. Larson (D-CT) originated a new bill aimed at increasing Social Security benefit COLA.

Serial liar and sociopath banker-in-chief (aka Barack Obama) is the liar who constantly lies to himself (and others). After all, if he knew what he knew about Social Security, he wouldn’t lie to others. It’s called “cognitive dissonance.”

It is his latest dose of bullish-t. He says financial security for seniors is a “sacred trust.” Trust? What trust, Obama? Who’s been looting the fund all these years? And have you ever heard of surplus? 

There isn’t any surplus whatsoever. The corporations have taken over $50 billion in interest each year, which should have gone into the fund.

We are being looted by the corporations, the government, and the banks that own them are taking billions out of our funds. The money isn’t just “disappearing”; the banksters are stealing it. In the meantime, we have to work longer and longer to get less and less.

In other words, your financial security is not a “sacred trust”; it’s a lie, a lie that benefits only the financial oligarchs.

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Social Security 2100: A Sacred Trust bill

“Social Security 2100: A Sacred Trust, is a bill that has been proposed by Congressman John B. Larson (D-CT) and which has been referred to the House Financial Services Committee. 

The bill is intended to “reduce the cost of living adjustments (COLA) for those receiving Social Security benefits.” The bill is sponsored by Representative John B. Larson as U.S. Representative for Connecticut’s 5th congressional district and introduced on December 16, 2015.

The bill proposed by Rep. John B. Larson (D-CT) would reduce the cost-of-living adjustment by one percentage point for people who receive a Social Security benefit equal to or greater than $80,000 a year to curb the overall increase of federal spending.” 

The government is unable to “curb” spending when spending $1 trillion more than it takes in each year.

Obama also says that with the new cashless debit card, which you can only use at Walmart, you can get your “low priced groceries.” It is how he imagines our future with only one corporation left standing after the inevitable collapse of the entire corporate system.

Larson’s bill is one more of the many attempts by the government to control every aspect of our lives while they are gutting our retirement money.

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Features Of Larson new Bill

  • The proposed bill would increase benefits for widows and widowers. It would reduce the spousal benefit to the working partner, helping many elderly couples eliminate or reduce their need to choose Social Security’s highest-benefit option.
  • Protects low-income operators by fixing a new minimum bonus of 25% above the poverty limit, which would be bound to payment levels to assure that the least benefit does not come behind.
  • Gives higher profits for widows and widowers in two-income families.
  • Ends the 5-month waiting period to receive disability benefits.
  • Increases profits for students over age 22.
  • Gains access to benefits for kids who live with their grandparents or other families.
  • The bill proposes strengthening Social Security, which will help prevent individuals who are already retired from ever experiencing a reduction in their monthly benefit amount. 
  • Over two dozen organizations also support the legislation that has been introduced.

The Social Security 2100: A Sacred Trust bill is supported by several organizations. The bill calls for eliminating the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). Instead, replace these provisions with a phased-in minimum benefit that increases as wage levels rise.

The bill would provide Medicare supplemental insurance to those who cannot afford Medicare Part A or B. This insurance would be provided as part of Social Security’s minimum benefit for those who wish to purchase it.

The bill would additionally need the rich to pay the corresponding Social Security receipts tax price as everyone else. Presently, Social Security taxes are not received on yearly wages above $142,800. Larson’s law would use the payroll tax to earnings above $400,000.

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