Hirono and Tokuda introduce bill to protect Social Security for seniors

Hawaiʻi US Sen. Mazie Hirono and US Rep. Jill Tokuda have reintroduced legislation they say would strengthen Social Security and ensure its long-term solvency. The bill, named the Protecting and Preserving Social Security Act, was reintroduced on the 90th anniversary of the federal program.

“For 90 years, Social Security has provided critical support to millions of kūpuna, people with disabilities, and other vulnerable communities in Hawaiʻi and across the country,” Hirono said. “I am proud to reintroduce this legislation to help strengthen the Social Security program and ensure that it remains accessible for the millions of Americans who rely on it.”

“Social Security is an earned benefit — not a handout — and a promise that brings peace of mind to following a lifetime of hard work. In Hawaiʻi, nearly 300,000 workers, kūpuna, and families depend on it to make ends meet,” Tokuda said. “That’s why I’m proud to reintroduce the Protecting and Preserving Social Security Act with Senator Hirono. Our bill strengthens benefits, accounts for the true cost of living, ends unjust practices like reclaiming final checks, and — most importantly — makes the wealthiest finally pay their fair share, securing this promise for generations to come.”

This bill will make significant progress toward extending the Social Security lifeline. According to the Social Security Administration’s Office of the Chief Actuary, the Protecting and Preserving Social Security Act is expected to extend the ability of the Old Age, Survivors, and Disability Insurance program to pay scheduled benefits in full and on time for an additional 11 years, from 2034 to 2045.

The reintroduction of this legislation aims to protect Social Security from federal program reductions.

The Protecting and Preserving Social Security Act would improve the Social Security system’s fairness, solvency, and benefits. Specifically, the bill:

• Ensures the appropriate weight is given to the real costs in seniors’ budgets by using the Consumer Price Index for the Elderly to calculate the relevant cost-of-living adjustment, rather than the more generic Consumer Price Index for Urban Wage Earners.
• Requires the wealthiest Americans to pay their fair share by phasing out the cap on Social Security contributions, gradually over the next seven years.

In addition to Senator Hirono, the bill is co-sponsored by Sens. Jeff Merkley of Oregon and Tina Smith of Minnesota. In the House, the measure is co-sponsored by Reps. Steve Cohen of Tennessee, Veronica Escobar of Texas, Lois Frankel of Florida, Eleanor Holmes Norton of the District of Columbia, Seth Magaziner of Rhode Island, Brittany Pettersen of Colorado, Chellie Pingree of Maine, Rashida Tlaib of Michigan and Paul Tonko of New York.