That’s why I’ve introduced legislation that would both increase Social Security benefits and strengthen the financial stability of the program for years. This legislation would increase benefits by about $65 per month, make cost-of-living adjustments more accurate, and remove the wage cap so that wealthy Americans pay into the program the same way the rest of us do, extending the long-term solvency of the Social Security program.
Increase Social Security benefits by about $65 per month, adopt more accurate cost-of-living adjustments, and remove the wage cap to strengthen solvency.
Occurrences
Expanding and enhancing Social Security benefits has been a priority for me since arriving in the Senate. Last year, I reintroduced the SAFE Social Security Act, which would increase benefits and make sure everyone pays into the system equally.
Spearheading the Harkin-Schatz bill to increase Social Security benefits by an average of $65 a month, and to secure Social Security for decades to come by requiring the wealthy to pay the same rate as the rest of us.
“My bill will expand Social Security, put more money in the hands of seniors who rely on it, strengthen the program for the next generation of retirees, and make sure everyone pays into the system equally.” Specifically, the SAFE Social Security Act will: Phase out the payroll tax cap so that payroll taxes apply fairly to every dollar of wages earned; Adjust current benefits calculations to increase average monthly benefits by over $150; and Update the annual cost of living adjustment to better reflect the real costs that seniors face through the use of the Consumer Price Index for the Elderly.
The Safeguarding American Families and Expanding Social Security (SAFE Social Security) Act will increase benefits on average by more than $125 per month, ensure the cost of living adjustments adequately reflect the living expenses of retirees, extend the life of the trust fund, remove the wage cap to make sure all Americans contribute equally, and provide additional benefits to older seniors, caregivers, and low-income Americans.
Helping our seniors retire with dignity by protecting and increasing Social Security benefits. I'm currently spearheading a bill that will expand benefits by about $65 a month, and secure Social Security for decades to come.
Evidence
Schatz's office said the bill would increase benefits by about $65 per month, use CPI-E for future COLAs, and phase out the taxable cap.
Congress.gov lists Sen. Schatz as sponsor of S.1940; the bill's status is Introduced and latest action was referral to Senate Finance.
Congress.gov lists S.5017 as sponsored by Sen. Schatz, introduced on 09/11/2024, with status Introduced and referral to Senate Finance.
Congress.gov lists S.3462 as sponsored by Sen. Schatz; as of its latest action, it was read twice and referred to Senate Finance.
SSA says the 2026 COLA is based on CPI-W and lists Social Security maximum taxable earnings at $184,500 for 2026.
Assessments
Schatz materially pursued the promised Social Security package by sponsoring bills matching the pledge: higher benefits of about $65 per month, CPI-E-style COLA changes, and removing or phasing out the taxable wage cap. However, the cited bills remained at introduction/referral stages and did not become law. Current SSA implementation still uses CPI-W for COLAs and retains a taxable earnings maximum, so the promised outcome was not delivered. Because he made serious legislative attempts, the effort badge applies.
The promised package was not enacted. Schatz sponsored and reintroduced bills matching the pledge, including the 2015, 2024, and 2025 Safeguarding American Families and Expanding Social Security Act versions, but the available Congress.gov records show they remained at introduction/referral to Senate Finance rather than becoming law. Current SSA implementation still uses CPI-W for COLAs and retains an OASDI taxable earnings cap, so the benefit increase, CPI-E COLA change, and wage-cap removal were not delivered. The repeated bill introductions qualify as a serious legislative effort.