Larson Celebrates 89th Anniversary of Social Security at the White House

Washington, D.C. - Today, House Ways and Means Committee Social Security Subcommittee Ranking Member John B. Larson (CT-01) joined Social Security Administration Commissioner Martin O'Malley and advocates from across the country at the White House to celebrate the 89th anniversary of Social Security.

"The genius of Franklin Delano Roosevelt could never be more apparent than on a day like this," said Larson. "And with the commitment of President Biden and Vice President Harris, for the first time in more than 50 years, we are not just talking about protecting Social Security, but expanding it by lifting the cap on people making more than $400,000. There is no better economic development plan than enhancing Social Security. The genius of Roosevelt is ever-present, but it is going to take the advocacy of the people in this room to make sure that we drive this message home. I thank the White House today for singling out the 89th anniversary of Social Security."

89 years ago, President Franklin Delano Roosevelt signed the Social Security Act into law, ensuring seniors can retire with dignity after a lifetime of work. The Biden-Harris Administration has put forward a plan to strengthen Social Security to ensure this sacred trust with the American people serves our nation for decades to come.

Rep. Larson's Social Security 2100 Act, supported by nearly 200 House Democrats and more than 350 advocacy groups across the country, would enhance benefits for the first time in more than 50 years. Social Security 2100 extends the program's solvency and cuts taxes for seniors by heeding the President's call to 'scrap the cap' on income above $400,000 a year so the wealthiest Americans pay in to Social Security with each and every paycheck.

You can read Rep. Larson's full remarks below:

"What an honor to be here, with so many incredible advocates on behalf of Social Security. The genius of Franklin Delano Roosevelt could never be more apparent than on a day like this. As Commissioner O'Malley has discussed in front of our committee, [it is] the number one antipoverty program for the elderly, and the number one antipoverty program for children as well. The genius of Roosevelt and with the commitment of Biden and Harris, for the first time in more than 50 years, we are not just talking about protecting Social Security, but expanding it by lifting the cap on people making more than $400,000.

"I have been saying to people, 'Raise your hand if you are making more than $400,000,' and believe it or not, I have never had a hand go up. Well, except once, in my hometown of East Hartford, a guy raised his hand. I looked at him and said, 'You are making $400,000?'

"And he said, 'No, but it felt good to raise my hand!'

"And indeed to think that this lies in front of us, and the inability of the Congress that has not acted in more than 50 years is more than annoying to me, but we are confident, because of the advocacy in this room, and when I say that, I know that I am preaching to the choir, but as the sisters of Notre Dame would say, 'It is the choir that leads the singing.' We are counting on all of you to lead that singing, and to make sure that over the next several months, we get that message out there.

"A message, by the way, and let me again single out Commissioner O'Malley here, and here it is, the number one anti-poverty program for the elderly and for children, the nation's largest insurance policy - the number one program for the country. And I come from an insurance capital of the world. And do you know what it takes to administer insurance programs, administrative costs?

"Anywhere between 15 and 25 percent. Commissioner O'Malley, as he testified before our committee, administers the largest Social Security plan, the largest insurance plan in the country for under 1%. At its height, as he pointed out, it was 1.2 percent. I think it should be 1.5. Give him the ability, give them the technology, give him the help so that we can execute these plans, and there won't be any long lines, and when you have someone that is that dedicated, and is going around the country and talking to all these individual agencies, it is inspirational to them.

"I am hopeful that finally we will have a Congress that knows to get this done on behalf of the American people. And that's why it is so vitally important. The numbers speak for themselves: 70 million Americans on Social Security, ten thousand baby boomers a day becoming eligible. If you think that's not a kitchen table issue that people are talking about, when they look and say 'Hey, wait a minute, what happened here? Is this- you mean Congress hasn't acted in more than 50 years? And now, as a baby boomer I am retiring?' I think we are going to hear this loud and clear from everyone, ten thousand baby boomers a day, and yet - I do not know how people look themselves in the mirror - when you go home and realize that there are five million of our fellow Americans, most women, who get below poverty level checks from the wealthiest nation in the world's insurance program.

"These are the kinds of things that President Biden saw, and Vice President Harris saw as well, and the Commissioner is fighting for. It is to make sure that no one who works and pays into Social Security will retire into poverty. We seek to make sure that there are across-the-board enhancements. To make sure that we're taking care of these people, especially those who have worked and paid in their entire lives. We also want to make sure that we get rid of the programs like WEP and GPO that have been damaging to our municipalities, especially our schoolteachers and firefighters and police officers, come on! This is 2024. Congress has not done anything since 1971.

"About time we looked at this, don't you think? And it is about time we corrected what was wrong, including making sure you get a tax break on Social Security. You should not be taxed on your Social Security. It is something we have had on the bill every year since 2014. We are glad others are now joining that, and echoing that comment, but we are bound and determined to make sure that people understand, as they do, that this is an earned income, that is yours, and yours to keep. Thats why it is the most successful economic development program that you could possibly have in a district. I give every member of Congress a card that has on it how many people in their district receive Social Security, and break it down into pensioners, to spouses, to dependents to people with disabilities, and then say the most astounding thing to them: 'And here is that average that comes into your district monthly. On average, over 200 million dollars. And where do they spend that money? Right back in your district.'

"There is no better economic development plan than enhancing Social Security. The genius of Franklin Delano Roosevelt is ever-present, but it is going to take the advocacy of the people in this room to make sure that we drive this message home. I thank the White House today for singling out the 89th anniversary of Social Security and making sure that we have competent people carrying out that goal, like Commissioner O'Malley. Thank you so much."

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