AFL-CIO President Comments on Social Security Trustees’ Report (4/24)

 

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The AFL-CIO, to which the SIU is affiliated, issued the following statement on April 23:

 

Statement by AFL-CIO President Richard L. Trumka on Social Security Trustees' Report

 

Social Security benefits are too low; Senator Harkin’s approach the right course

 

Today’s trustees report confirms that Social Security remains a vibrant, strong, and durable program that continues to ensure working people a chance to retire with the dignity earned though a lifetime of hard work merits.

 

The Social Security surplus is large and growing. Despite lower than expected wage and economic growth and unexpected increases in the cost of living, Social Security will be able to pay full scheduled benefits at least until 2033 absent congressional action. Wall Street bankers will seize on any excuse to cut Social Security’s lifeline benefits. They should not, however, use the long-range forecast that adjustments may need to be made in 21 years in order to assure Social Security's solvency as an excuse to cut benefits today, especially when the alternative is risky stock market gambling.

 

In fact, there is no excuse for cutting Social Security benefits, period. Social Security benefits are too low, not too high. Working Americans have too little retirement security, not too much, and only Social Security offers the certainty working people deserve.

 

Sen. Harkin has shown that we can extend the life of the trust funds by 16 years while increasing Social Security benefits across the board. This is the way forward. The AFL-CIO will oppose any Social Security benefit cuts, such as a reduction of COLAs or an increase in the retirement age, no matter who proposes them.

 

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