Issue Position: Social Security

Issue Position

Senator Reed is committed to ensuring that Social Security remains strong and viable for millions of Americans. Today, about 200,000 Rhode Islanders receive Social Security benefits.

Throughout his career, Reed has repeatedly voted to keep Social Security on sound financial footing and strongly opposes efforts to privatize the program or use it to pay for new tax breaks.

Given its structure and design, Social Security cannot contribute to the federal deficit. Senator Reed has worked to protect the Social Security Trust Fund from being diverted to other programs or used for government spending.

Senator Reed strongly believes we must encourage more personal savings and investment for retirement, but it should not be at the expense of Social Security, the one program that offers stable, guaranteed income security to the elderly, disabled, and widows. It is important that we honor our promise to those who have worked hard and paid into the system to provide themselves, family members, and fellow Americans with a safety net.

In 1980, Social Security taxes covered 90 percent of wages, but due to rising wage inequality it now covers just 83 percent. As a result, today, people earning under $107,000 per year are saddled with a greater burden than the wealthiest Americans in their Social Security payroll contributions. Senator Reed supports capturing annual earned income above $107,000 in the wage base for Social Security contributions to help ensure that high-income earners contribute a fair share of their wages to Social Security to stabilize the system for future generations.

Key Priorities & Accomplishments

Reed helped block proposals to privatize Social Security and make deep cuts in benefits.
Secured over $50 million in the Recovery Act for one-time $250 payments to nearly 180,000 Rhode Islanders who rely on Social Security.
Supported efforts to ensure that the Social Security Administration receives the resources necessary to help process claims more rapidly and reduce backlogs in the claims determination process.
To help make it easier for Americans to save for retirement on their own, Reed has supported pension portability initiatives, so workers won't lose their pension if they change jobs.

Source