Larson Highlights the Need to Act on Social Security with Secretary Yellen, Applauds President Biden’s Plan to Enhance Benefits

Washington, D.C. - Today, in the House Ways and Means Committee, Rep. John B. Larson (CT-01) highlighted the need to strengthen Social Security with Secretary of the Treasury Janet Yellen, and commended President Biden for laying out a plan in his budget to enhance benefits for the first time in more than 50 years by 'scrapping the cap' on income above $400,000 a year.

You can view Rep. Larson's remarks here.

"I commend President Biden for not only saying that we want to protect Social Security, but we want to expand its benefits, and we can do so by having all Americans pay their fair share," said Larson. "He couldn't have been clearer in his State of the Union message that this is what it's about. Congress hasn't done anything to enhance Social Security in more than 50 years and talk about numbers - with 10,000 baby boomers a day becoming eligible for Social Security, it's long overdue that Congress take action."

"Could you discuss the importance of Social Security and why the president has adhered to making sure that we're not taxing people below $400,000?" Larson asked Secretary Yellen.

"Every year, Social Security lifts tens of millions of seniors out of poverty. It is the federal government's most important anti-poverty program, and it's a guarantee that generations of Americans have counted on, namely, after working hard throughout one's life, that you'll be able to retire with security and with dignity," responded Secretary Yellen. "And for those reasons, President Biden feels very strongly that we need to preserve the benefits and even extend the benefits of Social Security and honor the commitments that we have made to the nation's seniors. He's committed to working with Congress to protect Social Security for this generation and future generations."

Rep. Larson introduced the Social Security 2100 Act alongside nearly 200 House Democrats, to extend the program's solvency and enhance benefits for the first time in more than 50 years by heeding President Biden's call to 'scrap the cap' on people earning over $400,000 to ensure they pay into Social Security with each and every paycheck.