Transcripts For CSPAN2 Sen. 20240703

Social security is my lifeline. Is my lifeline to remaining an independent person and being able to live my life, happily. Those of us who have worked all our lives and paid into Social Security expect Social Security to be there because we paid into it. Not a gift. We earned it. Its Household Finances and it goes into the checkbook and its use for every day Living Expenses. It will have a Significant Impact on our life because we want to run her house and does well is to do other things in retirement. That would be a serious cut in our income. Please welcome are chief executive officer joanne jenkins. [applause] cemented morning and welcome to this bipartisan discussion about the future of Social Security. We are honored today to hear from to congressional leaders who have put forth ideas to save and protect Social Security. Republican senator dell cassidy from louisiana and democratic congressman john lawson who represents the First District of connecticut. As a lookout over this room im so excited to welcome so many are volunteers who have traveled from every part of the country connecticut, louisiana, texas, oregon, missouri, south dakota, Florida States large and small urban and rural. Thank you for traveling here today to engage in this critical conversation and those of you from around the country who are joining us by video at the are watch parties with friends at home you represent hundreds of millions of americans who are counting on their lawmakers to protect and secure and save Social Security. In the 88 years since Social Security was signed into law its been the foundation of Financial Security or hundreds of millions of americans providing guaranteed an inflation protected income throughout their retirement years. It also serves as a critical lifeline for workers who have become disabled after the loss of a spouse or parent. Today over 66 million americans receive Social Security with another 181 million americans eligible once they reach retirement age or should they suffer longterm disability. Without Social Security millions of Older Americans would live in party or be unable to cover their Living Expenses and pay their bills. 40 of households over 65, Social Security is their most significant source of income and for 14 at nearly their entire income. In the next 10 years however the program will face financial challenges that must be resolved. If lawmakers dont act to address this Social Security could be cut by as much as 20 by 2034. We certainly dont want that to happen so its critical for congress and the president to Work Together to protect benefits for those who rely on this crucial lifeline. While these challenges are significant they are not unprecedented. In the early 1980s congress faced a similar situation. Back similar situation payback than the present of the congress put their differences aside and agree to a solution that protected and strengthened Social Security for another halfcentury. We need that same kind of bipartisan leadership and cooperation today to keep Social Security strong. Failure is not an option. Americans work hard to earn their Social Security and its only fair for them to get the money they deserve. Two things are clear, any solution to protect and strengthen Social Security must have the support of elected officials in both parties and it must provide American Workers and retirees with a longterm solution to that current and future retirees can count on for their Financial Security. Lawmakers must engage the American People in any discussions about the future of Social Security and thats what are is doing today. Senator cassidy representative and leaders of their party and their state have developed ideas and plans to address the challenges facing Social Security. Both men want to see Social Security protected for current and future generations of america and we are excited to hear their vision for achieving that goal. To lead us today in our discussions we are pleased to welcome the awardwinning journalist lisa j. Charden as. She travels across the country to report on how decisions in washington affect people where they live and work every day. She specializes in bringing down complex stories and political disagreements into the key pieces that matter often translating numbers and budgets into straightforward stories for the audience to understand. That makes her the perfect person to moderate our discussion today. Please join me in welcoming lisa to the stage. [applause] a good morning from washington. Thank you jo ann for that wonderful introduction. The summer is my bio im a. I want to welcome everyone heres to a National Conversation about Social Security. That means this is a National Conversation about seniors in america and everyone who is a senior now but also everyone who hopes to be one everyone who loves his senior and cares about them. Surely that is all of us. This comes at a critical time for our country in many ways and fiscally important decisions are being made or not made right now that will affect all of us for generations. Thats why we are here today and i want to thank everyone whos watching around the country. Im sorry to tell the people in ohio we couldnt have pancakes here. We will have three segments a day to with the key lawmakers you heard about and talking to recipients of Social Security. We begin with senator dont cassidy of louisiana. [applause] we see children often less dignified circumstances of the u. S. Capital when youre surrendered by members of the press. This is a very nice setting. Senator cassidy as many of you know is one of four physicians in the u. S. Senate currently. Hes a gastroenterologist by trade but i thank you might be a sociologist. This is a senator who i have seen carefully watching and observing lawmakers working across the aisle to understand where their potentials for issues. He has a somebody know a plan for Social Security which involves some elements of the simpsonbowles plan which means raising the retirement age, getting rid of the cap on income required for payroll taxes and moving that cap in some way. Perhaps the most innovative part of the plan would be a wealth fund. Well come back to that in second. Let me ask about the challenge itself. We heard jo ann talk about that. She said the trust fund will run out of money in just 10 years if nothing is done. We understand we could face cuts to benefits of 24 for everyone. Help us understand what that would mean. Thank you lisa and thank you to are for hosting us. The first challenges how do you make people understand under current law when the trust fund goes insolvent in eight years under the law therell be a decrease in benefits to match the income. Heres the income inheres out go here right now the trust fund is making up the difference. The trust funds are shrinking, shrinking, shrinking at which point ill go which means the benefits people receive these increases will that will be a 24 cut. I was on a Radio Program in chief port and the hostess said thats okay ill be grandfathered our grandmother dan and i said no. People who are currently receiving will get a 24 cut in what makes it worse apparently if you run for president elected by its happening. If youre running for president you cant tell people there will be a 24 cut you up to tell them theres no problem whatsoever. Doing nothing is endorsing a 24 cut for people currently perceiving and those who will receive in the future. Im going to come back to your plan in second. I know youre having these conversations and have had them for a long time with fellow senators and we know seniors in america are not just a powerful force right now but they we will be in integrative force moving ahead. There will be greater needs for seniors. Are has an article talking specifically about the numbers and their remarkable. Do you think senators particularly that you are talking to understand the true crisis that we that could becoming the population that could affect . Seven republicans and seven democrats and others are coming on board. They understand. They understand the third rail should be allowing a 24 benefit for those were currently receiving and those who receive in the future and they understood that and they made a commitment to Work Together. I will say among the folks i work with absolutely they understand it. I will also say we are making progress. Both parties interested in coming up with a solution. I think theres that awareness. Right now there isnt absence of president ial leadership it takes both parties of both houses and a president whos willing to go there and right now they are not willing to go there. I have in the senate pushed president on issues as an example of that. And im going to ask this question to your Democratic House colleagues in a different way. I want you to imagine a bit of a challenge and go with me for second hear a a world where democrats do not exist. Lets talk about the Republican Party you are in. Im not going to touch that one. [laughter] i gave him a second. And im not trying to make this partisan that you are republican and i know youve worked in a bipartisan way well talk about that but why is it that republicans, you have seven right now why is at the entire party worried about this . This is a serious crisis ahead and it will get worse if we do nothing at all the harder to deal with. What is the issue in the Republican Party and your president ial candidate isnt talking about it. First a couple of things. It takes a long time to socialize complicated context and you dont just walk up to someone and say hey by the way of a great idea and they say thats fantastic and i have a great idea too. You had to meet their concerns and take their concerns and say okay this is not practical. One thing we did i had a bright young man who created a spreadsheet and brought in all these Different Things about lifespans and increasing expectations of lifespan different age groups and racial groups and how its going to happen. You bring somebody in and theyd say i have an idea. My idea doesnt work but it took us months to get that spreadsheet and then as soon as his schedule that takes weeks to get an appointment and we can all get together and they had to have an hour session with us. It takes a long time. As far as president ial candidates i dont agree with some of the approaches. Mike pence is talking about at Asia Hutchinson Chris Chris Christie and nikki haley and this is off the top of my head. I would argue those who are on the podium at that last debate who are talking about it. By the way they havent talked about social and i wish they would. He texted back im glad you went to bed because we just brought up ufos. Chris christie thats what you get. Difficult to insert it into the conversation even in the president ial debate. Lets talk about your plan in particular your idea to borrow in the next decade, five or six years a large sum on . 6 trillion b5. 1. 5 billion. You borrow that money and you use that as a fund and invest it over more than 50 years and let it accrue and then use that to secure Social Security longterm. Can you explain that briefly and then i have more questions . Lets talk about the status quo. The Social Security trust fund takes the money that we pay into it and by law its either cash or its put into. Thats the Social Security trust fund. What is that thats the absolute investment you could possibly have right now. The Interest Rate we are getting on those treasury notes are 1 , 2 , 4 and inflation is six or 7 . We are losing value on the cash and treasuries better in the Social Security trust fund. We are losing that trust them. Anyone whos in a 401 k or pension fund your funds doesnt do that. If you are european your funds doesnt do that and only fund that does it is Social Security so what we do is we create a separate fund but we dont mix the two. In our separate fund we get 1. 5 trillion. We could sell off government assets. As a lot of empty buildings that we pay to maintain that we never use so we could raise 1. 5 trillion we put it into this different fund a Social Security fund and as we do that we invested in the strength of the american economy. And invested in the stock market in the same time we repeal the law. We repeal that law. In the interim we do borrow to pay scheduled benefits. The woman who was hosting me in shreveport she is 65 and she will not have the worry about it. She will still get are scheduled benefits that we will use the money in the trust fund is a over time and best in the nations economy to offset the borrower and as this growth it ends up 70 of the shortfall associated with our promised benefits. 30 by the way we had to address. Thats why we need a president. The 70 that goes with this and all we are doing is what every other 401 k in National Trust fund does we invest in the economy and treasuries which are losing value every day. Our audience knows that we are on the brink essentially of another government shutdown. The crux of the issue in the house, how do you convince congress to get this done and how to get this thing off the ground. Lisa first one question at a time. Its a White House Reporter trick. I shouldnt have done it. When you say borrowing, you often fund Social Security. That accounts over the next 70 years to one fifth of their nations that Single Program is one fifth of our nations indebtedness. We take care of that and at the end of the 70 years we have the money and in fact if this goes like the actuaries predicted might go we will ever bring the fund which is to say never again will we worry about is Social Security shortfall. We will have enough revenue coming in from the investments to pay the scheduled benefits. Thats pretty remarkable. Thats a good antideficit program and did i tell you, no i didnt, she didnt ask we also have a Poverty Alleviation program in here in which the actuaries say this is the most powerful Poverty Alleviation program for the elderly since Social Security was originally passed. We repeal of the retirement earnings tax and if you go back to work after your socially get a thousand bucks a month cut in your social payment. Why do you go back to work . Which by the way would help workforce availability because the boomers and im a boomer we have a lot of work left in us that 65. If you take some of 1000 bucks of my social all sit home and fish. Also the windfall elimination provision affects my state and it affects california and illinois so all of that. We have things in here that make the program stronger as well as address our nations indebtedness. Their shortterm borrowing but that shortterm borrowing is. A quick question and followup when do you think we might see your plan in written form and what is your timeline and you want action on this before the next president ial election . Thank you will not happen before the next president ial election because President Biden has been queries not going to act on the previous brief the white house on four separate occasions. For multihours and by the way we are going to put it on paper. We need a president who will say okay we are going to turn this dialer that dial. Thats what is a we need a president to come up with the language. President biden made it clear hes not going to address this. In a state of the union speech he did not speak about the bipartisan plan that had seven senators from each party. He spoke about a single senators planned that he had retreated from. As we wachter democratic colleague said our plan is dead for the summer so my hope is we can do it in the next one. Thanks senator phil cassidys senior senator from louisiana thank you so much for your work. [applause] now an excellent feature of are unlike some in washington they are very focused on the human part of these issues here. Many of you know many are watching wed like to hear from somebody done your thoughts on Social Security. I have decided the idea that Social Security which ibudget for my every month expenses come if that were to be reduced i dont know exactly how why would make it and i would hate in my 70s and my 80s to have to go back and work so i can fill in that gap because Social Security is an amount that i can rely on. 63 years and ive paid into it and my feeling is it something that they only since i paid into it. Im not even sure what the equation is that represents their contribution but i know my contribution has been significant and it still is because im paying into Social Security while im getting Social Security. Our household again it helps us to supplement those items in our household and to pay bills. Its our lawmakers dont take action on Social Security it would make a huge difference on my budgeting and what im going to enjoying retirement and also how im going to pay for my medication. Its my honor to talk to three other people that have been dealing with this issue and their lives and others. We have prominent are volunteers and members. Im going to talk to tony of iowa. Introduce yourself and what to Social Security mean to you . My name is tony state of iowa 20 year plus are volunteer. I got a twopart answer one is a personal one because im drawing Social Security and retirement is a plan. You have a to plan for it, 401 k , savings and if you are fortunate im retired military so i have a pension and Social Security. They cut in Social Security is a disruptor on my part however during my life have also run in Home Care Company for 70 of the individuals were on medicaid or Social Security was their only income. If you cut that 20 thats a crisis. Thats not a disruptor to them that the crisis. We are talking about the basics of life. I look at it this way we have done our part in this time for congress to do their part. Interesting that are article that i mentioned earlier this out this month said one in five people over 65 Social Security is 75 or more of their income. Thats what we are talking about. Please introduce yourself and what Social Security means to you. Now its my turn. I am 70 years old in december. I waded. Abucted the data in abucted are and looked at it for many years. Her Social Security mainstay. Approximate i am a Louisiana State volunteer president. Social security is a major part of our income. We have been married quite a few years. We have been retired quite a few years. I am fortunate i guess we have been retired close to 28 years. Without Social Security i would have to find a job. At this point in life you know anyone who would hire an 83yearold man to do any kind of a job . It is indeed a very major portion and part of our income. Who started paying into Social Security i think in 1950. 1958. My job . My very first job as i washed pots up woolworths for six years. And i until 1995 where i retired with gods grace with a Department Manager for one of the nations largest it is indeed a major part of our income. As you both said youve been paying into the system everyone in this room most everyone has been job starting at woolworths on up. You heard senator cassidy a few minutes ago say he does not think there can be action on Social Security. For at least another year you can say who you blame obviously does not see mike anyone is trying to push votes on this right now. I wonder what you thought when you heard that . Disappointed. This is not a partisan issue its a bipartisan issue its a nonpartisan issue. I think more accurately everyone cares about this. The plant we heard today as a starting point. And i want more around that part i want to hear what everybodys plan whatever the proposal as ii like to sit in bill form im really happy to see this conversation. That is really important part of what were doing here today. What you think . Unfortunately not surprising as a volunteer for aarp we have been touching on this for 15 plus years. To get action out of our elected leaders is almost impossible which i agree totally unfortunate but it is a fact of life. I hope they do not wait until its a crisis until they do something but lets do something ahead of time where it is much easier. Whats it feels like were we ae almost at that point though. How urgent does this feel to you right now . First about let me say its not a political issue in my mind. It is a people issue regardless of what Political Party you are a part of, if you keep laying down in god keeps getting you up you are going to need some assistance from somewhere. This is our major source of assistance. I agree wholeheartedly why should we wait until it is a crisis . We are in one right now. Face oe end of this month. Why do we have to wait until we are pushed against a wall . We cannot wait until the end of the month to pay rent, buy groceries the necessary things of life do not wait. Got children when they say they theyre hungry you dont care where it comes from. What they want his food. Quick theres an interesting generational context here. You all are part of a very big generation of seniors right now. Theyre obsolete many more coming. I wonder if you feel, especially people who work on state levels in prominent positions the seniors issues are no labor issues, all you have been advocates for seniors in your community. Do you feel like there is a growing sense of a political power of seniors or no . And i wonder because i think it impacts lawmakers act on Social Security. Lex theres a growing sense the numbers are inescapable whether a nurse or not you can see the population growing. We know that. I think it is really important for us to say the generation. My children might people i talked to our older adult seniors. They dont think Social Security is going to be there for them. This is going to be secure whatever happened to the 80s. I believed it would be there for me and for every loss in my generation. So i would not have to rely on my children. Yes it is a huge and growing population. This is an important issue for all ages progress slu all nodding. Their other grandchildren. Do your grandchildren. Unfortunate my grandchildren still very young. So they are not there yet. I can say my children are planning on it. Any way shape or form. Keep telling them it wont be there. That has to be there. Do i see a groundswell or more seniors looking at this i would say no. I wish more would rise up and speak. When i go to the political candidates coming to the state of iowa from the owner when asking the question. We need more people involved. To put the pressure on the elected officials and the president. I did notice or swing states in this group. That are important president ial elections for sure. Tell me in louisiana there is a real concern. Have you all talked about it, ive spoken with the senator about poverty. Before Social Security, before medicare there are profound levels of a poverty for seniors in this country. Can you talk about concerns you have in louisiana, what this could mean some specifics of what we are talking about . Out use my wife and myself as an example i think its a critical point. I agree we need to have more conversation. Thank god for this organization. Remember saying to a friend of mine the reason i got in with arp as i believe in what aarp is standing and talking about. And the things they were doing. As we look at this issues we are talking about right now, whether the people realize it or not or understand the original question was about seniors getting involved, if they are not they need to be. We need to continue to put it out there so they understand what theyre actually facing. The voting strength of this country right now is the 60 plus community. So if we dont make simple noise whats the old saying if you dont toot your horn it wont get tooted. If we dont Say Something i told my children when they were small if you do not holler we do not know you are hurt and we are at that point we are hurting. We need to holler. Talk to our ebolas executive director tell me if im wrong, of the commission on aging. Thats right and work in philadelphia. Can you talk about the effects on the local governance Social Security on a National Level starts to falter has to be cut customer what would that mean . It is a crisis of a immeasurable portions. We know the individuals personal stories. People relying on this for only income. People relying on Social Security for 75 of their income. The reality is its also an economic develop program. This money goes into your account is spent is spent on groceries, but spent on medical needs it spent on daily costofliving. A 25 cut to that for no reason we could plan ahead we know in 10 years is going to happen lives creating such anxiety across the populations of people went across government. I dont know what that would do in philadelphia. I could be devastating. Its a very serious matter im thinking of the Philadelphia Eagles fans. [laughter] philadelphia is not a city that we need problems with. Are absolute rights. Its a tough city just had a great phillies game yesterday we are very excited about that. You are right eagle season has started. [laughter] arts College Football season is underway its a whole different matter. I want to ask you a little bit about your experience in the military. Ive believe you are a 20 year veteran. 21 difference minor difference my father was a navy captain not air force i think we can get along as we said nonetheless. That is a place of discipline. Thats a place where you get complicated things done. Can you talk about looking at the Social Security problem and the Politics Around it . The in action from our government leaders compared to how you saw things in the military preet obsolete two different system but is there something you learn from the military that should apply to our leaders getting things done . Yes is a short answer. [laughter] when it look back at my military career if you dont solve it you are risking a lot of things to include life. Needless to say and Social Security few dont solve it you are risking life again. So you go out. You figure a solution, you get it done. That is what we need to get congress to do. In the name of a famous comedian just get her done. Look at washington and i am up there with these lawmakers every day. I worry sometimes it has been so many years of gridlock here in washington that we kind of just accept it. This is a political infraction. Its very difficult. I wonder how you all look at that is there any way you can process . Do you just think politics are too difficult right now to get big things done . Or is there a problem with how we assume theres a problem . Does that make sense is kind of a pbs question. [laughter] i dont know. Nora i see you nodding. You know what im getting at. I do know what youre getting at. Chris do we accept this or how do we get these guys the problem is complex of me just say that. We know the difficulties in Washington State capitals run the country. There is a great divide. The issues around the Social Security like other issues that impact the population whether its the creation of Medicare Part d years ago. Think about it we had it medicare plan did not have a pharmacy plan until 2005. That happens. I think the issues that impact the population and Social Security is one of them. As where we can find bipartisan unity. The fact of seven centers up from each side is very significant and we need to build on that. I think the thinking on capitol hill is if you touch Social Security now in the short term, if you change the retirement age even if its years out. Or change the benefits or change you has to pay more for, and the short term youll do too much political damage. How do you respond to that . Rex no pain no gain we have to do something and talk about it at least but here are the proposals out there. I agree wholeheartedly. We are to where its going if we get to that stage whether you are at republican, democrat, independent it does not matter. Its going to affect everybody. And everybody means everybody. If we dont reach a point where we can put people ahead of positions we are going to be in a world of hurt down the road. So its go back a little bit and inanswer this question in the se way. What it takes is leadership. We need leadership to step up and do something. Thank goodness there showing that leadership. This isnt republican democrat stand up to it you need to do it lets get it done to have a lot of people depending upon me. If there was a plan that says senior now but have to take a small benefit cutter would be affected in some small way to secure the future of Social Security is a big hypothetical the details matter obviously. Is that something you all would consider personally question is that something other seniors you know would consider . No. That is the bottom line answer, no theres not a person that i know that are on Social Security at this stage in their lives and the economy as it stands right now could stand any cut. Do not find this out until some years ago, my daughter used to check on my wife and i on a regular basis. And i finally found the answer as to why she kept doing it. Because we changed our diet a bit she thought we did not have the funds to eat. And when we realize this, we sit where did you get that from . So the perception, you take away the perception and look at the reality what are your chances . If you take any cut away from us who are currently on Social Security it will have a major effect on us. Not just us but our families. Why start there . Why start the benefit cut we just heard a proposal they had a complex plan. Why start the benefit cut for people who are counting on it for years and years . I think thats wrong. Especially we have eight runway stove we have eight nine year run but used to be a longer runway by the way. We knew this was coming for sure. You think theres a disconnect between generations here where you see the problem, you see it coming and i hear your children saying im just going to imagine would take it for granted i wont get this. Rather than the next generations realizing and having them fight for it. Do you think theres a disconnect there is that part of the problem or not . I dont know if theres a disconnect. I think its how they look at life. If you see there could be a problem up there and life im going to figure my way around that particular problem. Its pragmatic. The Younger Generation nursing hey, may not be there let me figure it how im going to do it just in case. I think there are many disconnects between generations. And i think when i myself was younger we didnt think about socialist im not saying thats rational. But it is true. It was not until i sat down for i knew it was always there at the annual notice is to tell me how much i could expect when i retired. But it really wasnt until the past year or two i looked at what am i going to get . How does that play out as part of my portfolio for retiring . Which include still working. Its a complex equation but i dont think i was concerned about in my 30s and i dont think adults today are as concerned about it as they should be. Went to sagan hello to everyone watching us from the country we have watch parties around the country. We note you all are having this conversation as wellin your communities. I can speak for myself my motherinlaw in connecticut, Social Security is a major part of her life. Our family at the situation where wheat would help her we would do anything for her. But she worked her whole life and she does not want us helping her. She wants to live off of the income she believes she earned. Think there was one month should lester Social Security check or didnt come it was a profound difficulty for her. It was so hard for her to call me and say lisa i think i might need a little help this month it ended up she didnt need it. And she said i said listen we are your family no big deal she said no it is a big deal for me. Because i worked all of my life. On me just interject what youre saying. I think the big issue the big point that may be overlooked is most of us over 50 we were raised to be independent. And see the whole room nodding with you pick. We were raised to stand on our own feet. Regardless of the amount of your income from Social Security or from where, we were raised that way. Todays young people dont have that mindset. Today is today they do not worry about tomorrow. But the independence if nothing else is one of the more important issues we as seniors deal with. I want to be on my own as long as i can be on my own. I never ever i said that to my y children ive said it to my wife. I want to live as long as they can but i do not want to be a dependent or a problem for my children. And being independent means whatever income is mine i expected progress independence are foundational critical part of our identity as americans as well. Alper, nora, tony i cannot thank you enough that was a really wonderful conversation. Thank you. Thank you. [applause] before we get to our next guest and some audience questions are to apologize first about we did not have time for audience questions during centers at cassidy timeline states we will get to some of the next guest. We want to hear from more voices from arp around the country. I had a medical situation and i had to take early retirement for my job. So lets say i was 62 65 since i had to pay insurance my lifeline was Social Security. I basically survived on that. I did not want to go into my Retirement Savings because there would have been penalties. It certainly was a lifeline for those a few years before i was able to tap any other sources. And Social Security were cut it would be a big drain on me personally, family wise. There are so many things i would not be able to do. And nevermind talk about the house i would have no social life. I mean it will impact every area of my life if Social Security were cut. Might look into retirement Social Security plays a huge role into that plan of will i have the funds so that my wife and i can enjoy our life as we had hoped and why we work to we workedthese years and paid ie system to make sure we can now enjoy and have a good time. It is my money. I saved it over 50 years. Not only did i put in when people work for an employer but the majority of my life i worked for myself. So i paid both the employer and the employee portions. So it is my money. I thought of it as an insurance policy, bank account all rolled up into one. Joy to me now to continue this conversation with congress National Conversation about Social Security is congressman john larson of the First District of connecticut. [applause] good to see you. Good to be here. Do you want to make the d. C. Gridlock joke about traffic or should i make the joke. [laughter] thank you for coming across town. It is not always easy. Especially what could be a long week in congress it looks like they. Honored to be here looks like its going to be long couple of days in congress. Im so glad it is you who is here. You have worked on this issue for years. I think it is for. Full legislative this is the Fourth Congress then. Your plan to raise the social sl security will come back to in a Second Period when you talk to members of congress is there a sense of urgency here coined the phrase the fierce urgency now. We dont think a lot of members have that fierce urgency of now. Because even though its now less than a decade away when the fund will be depleted, 20 across the board the fund is solid but a 20 cut. When you consider this, congress is not enhanced Social Security and more than 52 years. Richard nixon was president of the United States the last time there was an enhancement i know some of your going to wait a minute what about Ronald Reagan and bob dole, they did extend its solvency but they did that by cutting benefits to state what you mean what benefits did they cut . They raised the age. And his aarp no stiffer every year you raise the age its a 7 cut in benefits. And now the Republican Study Committee and others are suggesting what we have to do is raise the age to 70. In outlook if you are healthy and you are still working or whatever your case may be and you can wait for 70 thats a great idea and should be followed through. But, if you raise the age to 70 thats 21 across the board cut to recipients with the idea being if you are living longer so therefore we have to raise but if youre living longer youre going to need less money to live on . How does that possibly make any sense whatsoever . That is why i think that fierce urgency is to vote and vote now. Put your proposal out there. We hear a lot of good ideas but how many actually reduce it to a bill, debated, put into a committee and say here is what we are going to do. Here is how it is spelled out. What is your solution . Lets us talk about your solution for. Yes just do that. [laughter] your Solutions Revenue base you are talking not about cutting benefits you would increase benefits. That is right. You do this are different types of revenue increase one deals with a cap on income. For right who pays payroll taxes you ultimately save that all the way out which would include other taxes that Capitol Gains taxes and other kinds of revenue coming into Social Security. Have a very nerdy question for you. You are from a representative of arizona he speaks every week i think i Social Security on the floor. It is his thing. He is a great data person for. He is a great data person has a number he says we will need from 600 billion dollars for example two short Social Security. But the payroll tax effects only gets you to 107 million. Are you sure your plan has enough money cosmic were talking massive amounts of money. Im not an xray but the xrays are. Lets talk about this for a Second Period first lets talk about with the problem is. The problem is congress in congress not voting. Aarp ought to be outraged and say hey listen how about you guys vote . How about you do what you are elected to do they take an office on plans to the constitution and show up and do your job and vote. Everybody wants to say how much they love Social Security and dont listen to these programs et cetera. We care deeply about Social Security, you do . Where is your bill . Where is your proposal . 5 million americans get below Poverty Level checksum Social Security. And then Congress Protect them again giving greater tax breaks to the wealthy we will not even take care of people who paid into a system all of their lives . When you talk about the challenges of the debt and equality across the nation you do not have to look any further than Social Security. This is something the president cannot do through executive order. That the judicial system the Supreme Court is not going to litigate. This is only something that congress can do at all you are asking them to do is vote. If youve got a better idea put forward. But you are right our bill does say hey, it is long overdue to enhance these programs. Starting with the 5 million who get below Poverty Level checksum the federal government. Having paid in all their lives. President biden calls it a sacred trust. Its a sacred miss trust when so many people and has a look around this audience the majority of those people getting below Poverty Level checks are women. And the majority of them are women of color. And so why wouldnt we have a new floor for social schedule 125 of poverty and immediately lift 5 Million People out of the depths of poverty . Something going to be wealthy and going out getting Stock Options with this. As you know the average joe secure the payment for a mail is 18000. For a female it is 14000. These programs need to be improved. 40 of americans Social Security is the only benefit that they have. Talk about wealth disparity . This is how roosevelt intended to adjust it. And frankly eisenhower and nixon adjusted it. So this is very bipartisan. Lets focus under the right thing for the American People in this case. I would argue this the best economic to velma plan we have two. We heard about this from people on the ground talking about it. We have also heard a cry for the people here for leadership it seems to be the question but that is what you are saying as well. Youve been a leader on this issue. So just come with me for a Second Period. Imagine a world where republicans dont exist. We need both republicans and democrats im not wishing anyone out but imagine that your world not trying to be. Getting a vote on a bill did not get a vote in committee when you speaker of your own party. Why is it democrats when hundreds are on your bill why is it the democrats are not doing more on this issue to lead . When you say why arent democrats. I am a democrat and we are leading. Why arent other democrats went Top Democrats questioned. Question. Paid 208 democrats that signed onto the bill. But there were some democrats who went and said we have taken on major issues we have already taken on major issues on healthcare and we are being threatened by republican a republicancounterparts that tg to say we are for another massive tax increase. And so people got nervous and the bill was scheduled for a vote in the ways and means a committee and got pulled. Much to my chagrin. The problem has not gone away and the advocacy still exists there et cetera. We have over 180 democrats have signed onto the bill. If you talk to a republican and we have incorporated all of their ideas or suggestions that they came up with at the hearings of the ways and means committees did have on Social Security in a bipartisan way. This isnt a partisan bill. This is an american built this american bill this isabout the. There are more registered independents than their art registered democrats, or registered republicans. This is about the america that is whos going to benefit and what it requires is eight votes. And to your point leadership on both sides. Has to be aware of the fact this is a concern. If everyone says no, no we love Social Security. We want to protect it. We want to make sure its in there. Its just that and the excuses pour in for. How to get past that . How do you get past the idea how to get lawmakers past the idea they need to be brave or courageous and fix this and make decisions are going to be painful. That is the job of all. We have over three to 50 outside groups that support Social Security 2100. We need their voices. To do what . You are their voices for. I will take rich neil. So this is what i do for every Single Member of congress. And so everybody and Congress House and senate gets one of these. What it does is say to them here is what Social Security is doing in your district. And since rich is 170,840 Social Security recipients just in his district. We break it down to a receiving attention. But they give her spousal independent coverage and disability. Which is equally important is answer anywhere in the private sector you could possibly when wouldnt find an insurance policy. Where you purchase Something Like this . No. I come i went to the aetna school where they talk about three legs on the stool the most solid leg of the stool, Social Security. The only one that is never missed a payment, Social Security. But also what i want to draw attention to as we also say how much money does this bring in to your district on a monthly basis . In springfield, massachusetts i forget which district 276 million a month in a program that has not been enhanced in 52 years. One more minute we are going to take audience questions. Center cassidy said he didnt take us possible to action on this in the next year but it is a president clear we all know its so annoying to me i have to as a reporter if its a president ial year they cannot get in and possibly done its ridiculous. First of all. Center cassidy is not lobbying for the profiles i take it . Anyone who puts out a plan on this issue has more courage than others i would say. Democrats could take over the house is something i know youre hopeful about. When do you think there could be action on a bill, your bill any bill . The next speaker will make this one of his top priorities. It will get a vote for sure. He has already made that commitment. I think as we go around the country and talk about this. Audience questions also. I think that is so important. It is not congress has the courage. Congress has to hear from its constituency and you ought to be saying loud and clear why arent you voting . This idea we need to study this, are you kidding me . Listen, lets be brutally honest theres only two ways to go with this. You are either going to cut benefits or increase revenues. But its not that you dont need to study that bird there are some other Creative Things you might be able to do but it all boils down to that at the end of the day. So what is your plan and when youre going to vote on it . Will make its audience questions. Its a good time to also tell people this a former high school teacher. I dont know if you have picked up on those vibes and coached. He definitely knows how to get across a good lesson in complicated math that sounds simple. Our first question. Introduce yourself and ask as requested records im alan murray im a member of aarp all voluntary board of directors. Perhaps most important im a resident of the great state of connecticut. Weve got a few others in here, ladies okay good. Thank you first of all for being here. Thank you for focusing on this important issue. As you know very well aarp has long called on congress to act on Social Security, do it sooner rather than later. Undo it in a bipartisan manner. Can you talk a little bit more about how important you think bipartisanship is and what the process is of getting from your bill to a bill that can gather bipartisan support . An hour bill does have bipartisan support because of all of the republican initiatives including former chair of the committee tom reed. Tom rice, Vern Buchanan all these issues that people agree on we have included in Social Security 2100. But if your leadership and others say anything that has taxes and it we cannot before. How do you get beyond that . Basically what they are saying unless there are cuts to the program we cannot before it. Now i think there are ways to wt greater efficiencies out of it. But try this on for size. Some of you are familiar with insurance lingo et cetera. Social security has a 99 loss ratio. When you hear that everyone goes what is that mean . That is insurance lingo for meaning they operates the largest federal Government Program for less than 1 . And thats the key you watch how bipartisan is comes when you have to vote on it. But if you never put forward a proposal, you never sent in anything in writing, you never provide the public with anything they have to look at, isnt that bipartisan, thats an excuse how about vote . Next audience question. Thank you. Sure. Good morning, congressman my name is myrtle im a proud aarp member and serve as the state president for aar pga so thank you again for being here did i hear a aye for georgia. Deal with net Investment Income it is my understanding that your proposal is to tax net Investment Income for Social Security and you know in the past, its basically been primarily based on wages paid so can you tell us a little bit about why you decided to take this approach. Let me give credit to President Biden because he pointed out in both of the revenue payers one to lift the cap on people over 400,000 or guilt targeted individuals who are done paying into Social Security and bill gatess case on january 2nd but we usually say february 28th and on the second thing is that it is called a tax, but heres another thing i are you serious fica is a tax what tax do you know of that you get a pension benefit, a disability benefit, spousal independent coverage . There is none. And oh, by the way the business gets through right that portion off but in fica also, to avoid fica taxes, wage taxes, people change the rules from what the president has proposed is to eliminate that loophole and get that extra revenue into the system. And fica so it is directly related to wages. But its based on people avoiding having to pay fica taxes and so what were suggesting is what the president is suggested is you close that loophole i agree with them and it is a way to produce revenue because he made a commitment to say that no one earning under 400,000 let me see a show of hands how many here are making over 400,000 . You know, funny thing about that ive yet to be in an audience where ive seen a hand go up from anyone when we mention this. It actually works out to be from a wage stand point 6 tenths of one percent of americans six tenths of one percent thats what were asking to pay for this. And close the fica loophole, and what does what do . That allows us to pay for all of those benefit increases and get solvency to 2068 it is not 75 years but also a wakeup call for congress. This isnt something you vote on every 52 years we have a Sub Committee in weighs and means that is focused on that. Senate finance committee has a committee should be on them all of the time. What are you doing about Social Security we have to fix this. I should mention you are ranking democrat on that yes. I am. We are hearing very loud an clear a wakeup call today in this conversation congressman john larson i think we could be spend an hour easily discussing this but i want to thank you for joining us. Thank you for the opportunity and let me just say this aarp is the signature organization for Older Americans. Social security, the number one Antipoverty Program for the elderly and number one Antipoverty Program for children, speak out, scream tell members of congress we need you to vote. Dont fall for the well i like to but you know we have to have this bipartisan but vote if you have got a better idea thats why they have conference committee. Thats why, we have compromises. But if youre not going to vote and youre not going to put something in writing in front of you to say well can i see your plan . Well thats too complicated we cannot do that we need to go behind closed doors and have a double secret probation meeting and when we come out, well tell you whats in it but then it cant be amended but up or down vote thats not a democracy. I stand outside a lot of those meetings thank you congressman. Thank you. [applause] and i want to thank all of you for being here who have deep conversation about a complicated problem, thank you to everyone watching also, of course, thank you joann for the introduction and now to finish things up it is my pleasure to introduce johnson. Thank you and good morning everyone. [applause] we want to thank senator cassidy and congressman larson for coming to speak with us today an for putting forth vote ideas in a pursuit of a solution to address security challenges. And immaterial to thank the volunteers who came from across the country and those who join us virtually help to us demonstrate how important it is that americans be part of the conversation about how to protect Social Security now and in the future. I want to also thank lisa jordan thank you very much. Well done. [applause] now, two things that are evident from what we heard today, first, the importance of this program. Social security is a crucial pillar of american society. Many americans have earned through years of hard work, Social Security plays a Critical Role in their well being and retirement. Second, the complexity, the challenges facing Social Security are complex. There are no simple solution and building the consensus necessary to pass lasting protections while america most valued program will require political will and courage. Importantly, theres a role for all americans to play. We must stay engaged and informed about the four range of options to ensure that the money americans have earned is there when they retire. We must make sure our voices are heard. Aarp is committing to fighting to protect and save Social Security, now and in the future. Our state offices and volunteers across country are working to educate and inform all americans about their Social Security. This event, this is one of many. We will keep you informed and up to date on future events. In a country divided on so many issue, Social Security is a unifying program with support across the political spectrum. Democrats, republicans, and independents alike deeply value Social Security. And aarp will continue to encourage members of congress to come together to find a path for forward. Aarp remains unwavering in our commitment to protecting Social Security, we know you and your families are counting on us to fight for you. And we will not let you down. I want to thank each of you for coming this concludes our program for today. Thank you very much. [applause] the Congressional Black Caucus foundations annual legislative conference in washington, d. C