Assemblywoman Grace Meng Highlights Plan to Keep Social Security Solvent

Assemblywoman Grace Meng today highlighted her plan to keep Social Security solvent, while protecting middle-class families from tax hikes. Assemblywoman Meng is the only candidate who has offered an honest, palatable solution to Social Security, to the voters of the newly drawn 6th Congressional District.

Assemblywoman Meng stated: “We have a serious, structural problem with Social Security, and we must acknowledge that. Anyone who contends that we can merely grow our way out of the problem either misunderstands it or misrepresents it for political purposes. Under no circumstances could growth itself solve this problem; that is a fact. On the other hand, it would be imprudent to raise taxes on those earning over $110,600 while the economy is weak and possibly slowing.”

Assemblywoman Meng’s plan for Social Security entails:

  • Eliminating the FICA exemption within three years, once the economy is farther along in its recovery, but not now, while it is in such a precarious state;
  • Spurring economic growth, creating more jobs and undertaking comprehensive immigration reform in order to have more people contributing more dollars toward Social Security;
  • Exploring millionaires paying an even higher percentage of their earnings into the Social Security fund.

“Removing the FICA exemption within the next three years will create solvency in the system with plenty of time to spare. Eliminating FICA tomorrow is neither sensible nor realistic.  Taking a prudent, medium-term approach may not be as politically expedient as ignoring a problem or promising a quick fix, but our middle-class families and senior citizens will be better off for it in the long run,” said Assemblywoman Meng.