Social Security has made life difficult for millions of workers, but there are plenty of reasons for optimism.
The Social Security Disability Insurance (SDI) program was established in 1935 as an insurance program for workers whose disabilities prevented them from working.
It was expanded to cover the full cost of medical care, which today benefits more than 90 million people, including a growing share of older adults.
But in recent years, it has become increasingly expensive.
Social Security payments are now at a record $106,000, up from $75,000 in 2008.
For many older Americans, it’s a lifeline.
For the rest of us, it might be a burden.
Social Security is also one of the biggest economic drivers in the country.
It provides nearly $1 trillion in annual payments to seniors, disabled people and people who depend on Social Security for other income.
And while its cost has fallen, the program has been hit by a sharp decline in the number of beneficiaries, with the number receiving benefits falling by more than 30% since 2010.
In the face of that trend, a bipartisan group of lawmakers in Congress last year proposed a proposal that would allow employers to cut benefits and shift more of the cost to workers.
They also proposed a system in which Social Security taxes paid on the benefit would be offset by payroll taxes, the money earned from the payroll taxes.
That would make the system more efficient and less regressive.
The proposal gained bipartisan support in the House, and it has since passed the Senate.
The bill would provide for a single, universal pay raise that would take effect on Jan. 1, 2021, with a three-year phase-in.
It would be indexed for inflation, and the rate would increase with inflation.
It also would phase out the current payroll tax cut for higher earners and the payroll tax hike for middle-income workers.
“We are committed to reducing payroll taxes and increasing payroll taxes in an appropriate manner for the Social Security program,” said Rep. Earl Blumenauer (D-Ore.), one of two co-sponsors of the bill.
“Our goal is to have this phased-in program in place for all workers and families for the next 30 years.”
If passed, the plan would take the benefits from the vast majority of Americans who currently receive benefits, including workers age 65 and older, disabled adults and people with pre-existing conditions.
It wouldn’t take away any benefits from current retirees.
The plan would allow for a 2% increase in the payroll income tax that would be paid to all employers.
The plan would also increase Social Security’s benefits for disabled and disabled-earning workers.
Workers would be eligible for a benefit based on their age, not their disability, starting in 2021.
Social security’s maximum benefit for an individual with disabilities would rise from $118,000 today to $130,000.
Social safety net benefits for the disabled would be phased in starting in 2022.
The legislation would also include a temporary reduction in the cost of retirement and survivor benefits.
The current benefits for retirees would be reduced by 1% of income in 2020.
Workers age 65 or older would receive a 1% cut in their retirement benefits starting in 2019.
And the current survivor benefits for Social Security beneficiaries would be cut by 1.5% of their income in 2019 and 2020.
The idea of raising taxes on seniors and disabled workers has gained traction among some Democrats and some Republicans.
But the bill faces stiff opposition from many lawmakers.
Sen. Rand Paul (R-Ky.), the Senate’s second-highest-ranking Republican, has suggested that he would vote against the bill, saying that it “would give big tax breaks to the wealthy and corporate America while reducing the benefits of the middle class and seniors.”
Rep. John Lewis (D) of Georgia, the longest-serving black member of Congress, said the bill would be “the biggest giveaway to the rich and the powerful for years to come.”
“Our bill will allow the wealthy to take their money and spend it on other people’s children and grandchildren,” he said in a statement.
“This is a betrayal of the American dream.”
Other Democrats have also expressed opposition to the proposal.
Rep. Rosa DeLauro (D), the top Democrat on the House Budget Committee, has called the bill a “job killer” and a “tax hike for the rich.”
In a statement, DeLauros legislative aide said the legislation would help Americans “get back to work.”
“We need to rebuild the economy, rebuild our schools, rebuild roads, rebuild bridges, rebuild and expand our health care and education systems, and build on our great infrastructure to meet our growing demands for energy and clean energy,” the statement said.
“And as the first generation of Americans to receive Social Security benefits, we need to help them and their children and grandkids build on the legacy that we’ve left behind.”
The bill also would make significant changes to Social Security.
It’d make changes to how it allocates the benefits to