With New Report Highlighting the Danger of Automatic Benefit Cuts, Larson Calls for Action to Protect and Enhance Social Security

"This report confirms what we have known for years now - if Congress fails to act, people across this country will face an automatic benefit cut of more than 20% - and Connecticut residents will be hit the hardest," said Larson. "Instead of working with Democrats to avoid this cut, Donald Trump and Republicans continue to undermine Social Security - cutting staff and closing offices, threatening to raise the retirement age, and rummaging through your private data in their mission to privatize your hard-earned benefits. Democrats have a plan to not only protect Social Security from these cuts, but enhance benefits to keep pace with rising costs. Instead of handing millionaires and billionaires another tax cut they do not need, Elon Musk, Donald Trump, and their wealthy friends need to finally pay their fair share, just like everyone else. It is time to act."

The CRFB released a report on June 3^rd illustrating how Americans in every state would be impacted if Congress fails to act and allows the Social Security trust funds to become insolvent. The benefit cuts could amount to more than $500 a month on average for more than half of the states, impact more than 15% of the population in nearly all states, and exceed 1% of GDP in 40 states.