Over 200 Democrats Just Introduced a Bill to Expand Social Security

This morning, Rep. John Larson (D-CT) introduced the Social Security 2100 Act with over 200 original co-sponsors. Video of the introduction event is available here.

The following is a statement in support of the bill from Nancy Altman, President of Social Security Works:

"When President Franklin D. Roosevelt signed the Social Security Act of 1935 into law, he stated that the legislation represented 'a cornerstone in a structure which is being built but is by no means complete.'

It is extremely fitting that the Social Security 2100 Act was introduced today, the 137th anniversary of Roosevelt's birth. Were he alive today, FDR would be gratified to see that Rep. John Larson and the over 200 Democratic co-sponsors are honoring his wishes by building on the foundation of Social Security. Having written several books on the history of Social Security, I am confident that today's bill introduction and what follows will add a significant new chapter to that history.

Among other important improvements, this landmark legislation increases benefits for all current and future beneficiaries; ensures that those who work their whole lives will not retire into poverty, and switches to a more accurate cost of living adjustment, the CPI-E, so that Social Security's modest benefits do not erode over time.

The Social Security 2100 Act pays for all benefit increases while restoring Social Security to long-range balance. In that way, the bill ensures that every penny of promised Social Security benefits, including the increases, can be paid in full and on time through the 21st century and beyond, just as they always have been paid."

For more details on the bill, read Altman's new piece in Forbes: A Huge Step Forward In The Quest To Expand Social Security