Last month, the Social Security Administration released a
report finding that by 2032 the Social Security Trust Fund will be able to
cover just 78 percent of the benefits of more than 70 million Americans who
have earned them. In other words, if Congress does not act within the next six
years, Social Security benefits will be cut by 22 percent.
We have an obligation to the American people to ensure
that never happens. Just as importantly, we have a responsibility to tell the
American people exactly where we stand. Americans deserve to know not only how
we will extend Social Security’s solvency, but how we will address the
retirement crisis facing millions of seniors today.
The United States is the wealthiest nation in the history
of the world. Yet, more than 20 percent of our nation’s seniors are trying to
survive on less than $15,000 a year, and nearly half are struggling to make
ends meet on less than $30,000 annually.
The Organization for Economic Cooperation and Development
(OECD) has found that the United States has the highest senior poverty rate of
almost any major country on earth. Adding insult to injury, nearly half of
older workers between the ages of 55 and 64 have no retirement savings and no
idea how they will ever be able to retire with any shred of dignity or respect.
Given that reality, the Democratic Caucus must make it
abundantly clear that under no circumstances will we support legislation that
cuts Social Security benefits, raises the retirement age, reduces
Cost-of-Living Adjustments (COLAs), or privatizes this essential program.
Instead, at a time of unprecedented income and wealth
inequality, our position must be simple and straightforward: we will strengthen
and expand Social Security by requiring that the wealthiest people in this
country finally pay their fair share into the Social Security system.
In 2023, the Chief Actuary of the Social Security
Administration found that we could extend the life of Social Security for 75
years, increase benefits by $2,400 a year, lift millions of seniors out of
poverty, and expand COLAs—all without raising taxes by one penny on the bottom
91 percent of Americans who earn less than $250,000 a year.
How? By applying the Social Security payroll tax to
all income, including capital gains and dividends, above $250,000 a year.
Today, absurdly and unfairly, there is a cap on income subject to Social
Security taxes. This year that cap is $184,500. What does that mean?
It means that Elon Musk—the wealthiest man in the
world, worth an estimated $690 billion—pays the same amount into Social
Security as someone earning $184,500 a year. It means that someone making
$184,500 pays 6.2 percent of every dollar they earn into Social Security. But
someone making ten times that amount—$1.845 million—pays just 0.6 percent of
their income into the system. That is grossly unfair. That has got to change.
At a time when the wealthiest people in America are
becoming much wealthier, asking them to pay the same percentage of their income
into Social Security as teachers, nurses, firefighters, and construction
workers is not a radical idea. It is common sense. It is what the American
people want.
A 2023 poll by Data for Progress found that 78 percent of
the American people support legislation that would accomplish this goal
including 85 percent of Democrats, 75 percent of Independents, and 72 percent
of Republicans. Unfortunately, instead of clearly telling the American people
how we intend to strengthen Social Security, there are now Members of Congress
who are considering legislation that moves us in exactly the wrong direction.
The so-called PROMISE Act would direct four unelected
members of the Social Security Advisory Board to produce, in little more than a
month, a proposal to make Social Security solvent for the next 50 years—with
virtually no transparency, no meaningful public input, and no accountability.
If the Advisory Board reaches an agreement, Congress
would be required to vote on their proposal during the lame-duck session after
the November elections when Republicans still control the Senate and the House.
If the Board cannot reach an agreement, the PROMISE Act
would allow any Member of Congress to force a vote on their own Social Security
proposal under expedited procedures without the opportunity to amend it or seek
a compromise – also during the lame-duck session.
In other words, Members of Congress who have been
defeated at the polls or who have chosen to retire could determine the future
of Social Security for the next half century. Even more significantly, a
political party that was repudiated by the electorate in the mid-term elections
could determine the fate of Social Security. That would be absurd,
anti-democratic and unacceptable.
In my view, the Democratic Caucus must strongly oppose
the PROMISE Act—or any legislation that fast-tracks fundamental changes to
Social Security through an unelected commission. And that is not just my view.
It is the view of the AARP, the nation’s largest senior
organization in our country representing 38 million Americans who are at least
50 years of age. In a letter dated July 21, 2026, the AARP wrote:
We strongly object to fast-tracking Social Security
changes through Congress, as [the PROMISE Act] would do. Strengthening Social
Security should happen through regular order, in full public view, with
openness and transparency—rather than through a process that limits the type of
amendments and sets arbitrary procedural deadlines to short-circuit the debate.
If regular order is the gold standard for routine legislative matters, it
certainly should be the standard for something as important as Social Security.
We should stand with the AARP and oppose this
legislation.
At a time when the very rich are getting richer while
working families struggle, it is no great secret that millions of Americans no
longer have faith in the political process or either major party. They see the
current political system as rigged and corrupt, benefiting the powerful and
wealthy campaign contributors.
If the Democratic Party is ever to regain the faith of
ordinary Americans it must stand firm on the issue of Social Security. That
means: We will not cut Social Security benefits. We will not raise the
retirement age. We will not reduce Cost-of-Living Adjustments. We will not
privatize Social Security. We will not support procedural shortcuts that make
it easier to reduce earned Social Security benefits behind closed doors while
limiting public debate.
Instead, we will strengthen and expand Social Security
by requiring the wealthiest Americans to finally pay the same percentage of
their income into Social Security as tens of millions of working people do
today. That is how we prevent benefit cuts. That is how we expand Social
Security. That is how we extend Social Security’s solvency for generations to
come. That is how the Democratic Party begins to regain the trust of the
American people.
Bernie Sanders is a US Senator, and
the ranking member of the Senate budget committee. He represents the state of
Vermont, and is the longest-serving independent in the history of Congress.
This is the text of a letter by Bernie Sanders.
-CounterPunch



