There’s been a lot of chatter about what presidential candidates plan to do for the economy, and Bernie Sanders has been particularly vocal about advocating for the working class. Back in March, he proposed a 32-hour workweek and now he's focusing on Social Security and the retirement crisis many Americans face.
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In a recent op-ed for Fox News, Sanders laid out his vision for addressing what he calls a “disaster for working people.” The Vermont senator proposes a major overhaul of the retirement system, emphasizing expanding Social Security benefits and ensuring its long-term solvency.
Sanders isn’t one to hold back, especially regarding Wall Street. He stated, “If Congress can bail out the crooks on Wall Street, please do not tell me that Congress can’t support a secure retirement for working Americans.” This quote captures the urgency of his argument for reform.
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At the heart of Sanders’ plan is the Social Security Expansion Act, which he reintroduced to Congress in February 2023. This bill aims to increase recipients’ Social Security benefits by $2,400 yearly, a significant boost considering the average monthly check.
In a February news release, he wrote: "More than half of older Americans have no retirement savings. More than 50 percent of our nation's seniors are trying to survive on an income of less than $30,000 a year."
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To fund these expansions, Sanders proposes lifting the cap on Social Security payroll taxes for high-income earners. Currently, earnings above $160,200 are not subject to Social Security taxes, which Sanders describes as “absurd and unfair.”
According to Sanders, the Social Security Administration estimates his proposed legislation would make the program solvent for the next 75 years, extending well past 2096. This is particularly significant given recent warnings that the Social Security Trust Fund could be depleted by 2033 without intervention.
Sanders’ approach to Wall Street reform has been consistently tough. In a 2016 speech, he declared, “The reality is that fraud is the business model on Wall Street. It is not an exception to the rule. It is the rule.” This hard-line stance has been a hallmark of his political career and continues to shape his policy proposals.
While Sanders’ ambitious proposals face significant hurdles in a divided Congress, Republicans control the House and many advocate for different approaches to address Social Security’s funding issues, such as raising the retirement age.
As the debate over the future of Social Security continues, one thing is clear: Bernie Sanders is determined to keep the issue of retirement security at the forefront of the national conversation. Whether his proposals gain traction or not, they’re certainly sparking important discussions about ensuring dignity and financial stability for America’s retirees.
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