U.S. Sen. Sherrod Brown announced today that would co-sponsor a bill that would increase benefits and extend the solvency of the Social Security Trust Fund, which nearly 66 percent of Americans rely on for at least half of their income in old age.
Senator Brown made the announcement before 50 senior citizens at the Margaret Hunt Senior Center in South Toledo.
He said the Strengthening Social Security Act of 2013 would strengthen benefits by reforming the social security benefit formula; ensure that cost-of-living adjustments adequately reflect the living expenses of retirees, and improve the long term financial condition of the trust Fund.
Sam Burnett, a Midwest region board member of the National Alliance for Retired Americans, lauded the senator's effort.
"For the first time, someone in the Senate who just said his primary concern is that seniors will be taken care of," Mr. Burnett said,
Senator Brown said Social Security provides more than half of the income for nearly two-thirds of American seniors; for more than one-third of American seniors, it provides more than 90 percent of their income, and for one-quarter of American seniors, Social Security is the sole source of income.