"We must stand up to the politicians and pundits in Washington spreading fictions about Social Security's imminent demise and instead work to strengthen this stalwart system for generations to come." - U.S. Rep. Ted Deutch
Ted believes that our time-tested system of Social Security is the most successful anti-poverty program in American history. Retirees and working families can count on him not only to defend Social Security against attacks but to advocate for policies that strengthen the system for current and future beneficiaries.
Ted is the author of the Protecting and Preserving Social Security Act, which has been co-introduced in the United States Senate by U.S. Senator Mazie Hirono (D-HI). This legislation shores up Social Security's finances by slowly and responsibly phasing out the cap on payroll tax contributions over a period of seven years. Ted's legislation also fixes the broken cost-of-living adjustment formula (COLA). His bill improves benefits for all retirees by creating a Consumer Price Index for the Elderly (CPI-E) that will more accurately reflect the skyrocketing prescription drug, medical, energy, and housing related costs that retirees face.
"Seniors have watched the buying power of their Social Security benefits dwindle in the face of rising costs. We need to fix the broken COLA formula to ensure that annual increases actually keep up with the expenses faced by seniors." - U.S. Rep. Ted Deutch
Finally, Ted firmly believes that strengthening Social Security is not the only strategy we need to improve retirement security in America. He is committed to exploring new ways to incentivize private retirement savings as well. With many families struggling to make ends meet during our economic recovery, putting aside money for IRA's and savings accounts has become an enormous challenge. By advocating for policies that will raise middle class incomes and make saving for retirement more feasible, Ted will continue to fight for the ability of all Americans to retire with dignity.