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U.S. Senator Mark Begich (D. AK) has introduced a bill that will both strengthen Social Security and while decreasing our deficit without having to balance the budget on the backs of the poor and middle-class:
http://alaska-native-news.com/...
Entitled the Protecting and Preserving Social Security Act, the bill extends the solvency of Social Security for approximately 75 years by requiring higher-income Americans to pay Social Security on their earnings all year long and adjusting the formula for cost-of-living increases to better reflect the needs of our seniors and persons with disabilities. - Alaska Native News, 11/14/12
Begich, who faces a tough battle in 2014, is taking a bold step in the right direction in wanting to strengthen the safety net and avoid harsh cuts that could hurt our seniors and the middle-class. Here's what Begich's bill proposes:
Increases Benefits for Seniors and Persons with Disabilities. Currently, Social Security benefits are adjusted by the Consumer Price Index for workers. However, costs and spending patterns for seniors do not mirror those of the workforce. That is why Sen. Begich’s bill calls for adjusting cost-of-living increases with a Consumer Price Index specifically for the elderly which was created to more accurately measure the costs of goods and services seniors actually buy.
Lifts the Cap on High-Income Contributions. Current law sets a cap based on income at $113,700 for paying into Social Security. If an individual’s wages hit that total for the year, they no longer pay into the program. Sen. Begich’s bill lifts the cap and asks higher income earners to pay Social Security on all their earnings in order to increase the program’s revenue stream and extend the overall solvency of the program.
Extends Social Security for approximately 75 years through modest revenue increases gradually implemented over the course of seven years. - Alaska Native News, 11/14/12
The bill is scheduled to be introduced during the lame-duck session in congress. Begich's bill has received great support from Alaskan seniors, the Strengthen Social Security Coalition and the Alaskan chapter of the AARP.:
“Sen. Begich’s bill serves the American people well in very important ways,” said Eric Kingson, co-chair of the Strengthen Social Security Coalition. “By asking high-income people to pay the same payroll tax contribution as everyone else, he dramatically improves the financing of Social Security. By improving the accuracy of the cost of living adjustment, he assures that seniors and people with disabilities will be able to maintain their standard of living as time goes on.” - Alaska Native News, 11/14/12
If you're interested in reading more about Senator Begich's bill, check it out here:
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Senator Begich has proven to be one of the good guys for the middle-class and the GOP is making him the number one target in 2014. Republicans are lining up to challenge Begich in 2014 and I guarantee you that Karl Rove and the right-wing outside groups will be back with a vengeance. We need more good Democrats like Begich in the Senate and Begich has proven to be a great campaigner and a tough fighter in a very red state. Lets help get Begich's bill passed. Called your Senator today:
http://www.senate.gov/
And while you're at it, lets give Begich an early start to give him the resources he needs to win re-election victory:
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10:05 AM PT: I'm on the rec list! Thank you all! Help spread the word and get your Senator to support Begich's bill please!