Kimberly opposes any attempt to privatize Social Security
My mother retired two years ago and now receives Social Security. With her 401k, Social Security and working a part-time job as a school crossing guard she still struggles to pay her bills. Every two weeks I put money in her account and have Hello Fresh deliver food to ensure she has meals to eat and money for emergencies. I'm lucky I can afford to give my mother extra money when she needs it, but others are not.
Social Security is seventeen years away from exhausting its $2.8 trillion in spare cash. If funds run dry benefits will be cut up to 21% in order to sustain payouts though 2090.
If elected Kim will vote to eliminate Social Security earnings cap. Currently earned income up to $127,000 is taxable at 12.4%. W2 holders only pay half, the other half is paid by their employers. By eliminating the cap, it will eliminate Social Security's budgetary shortfall. Additionally, Kim will vote to change the cost-of-living measure to Consumer Price Index (CPI-E). The CPI-E takes in account the spending habits of households with persons over the age of sixty-two. Switching to CPI-E, seniors will see an increase in their monthly payouts that more accurately reflect housing costs and medical expenses.