From Social Security Works (http://www.socialsecurityworks.org/):
Our Social Security system is strong, but one reason billionaire front-groups have successfully undermined it is that it works best when society is fair. That means that increased economic inequality actually weakens Social Security.
Right now, people only pay into Social Security on the first $147,000 of wages. So, millionaires stop paying into Social Security sometime in January, while most Americans pay in with every paycheck, all year long.
Runaway income inequality doesn’t just threaten our democracy and our economy, it also threatens our Social Security system. That’s why we fight for programs that lift wages for working people. The Biden administration is close to taking a crucial step that will help hard-working Americans–one that began under President Obama but was blocked by Donald Trump.
ADD YOUR VOICE at https://actionnetwork.org/letters/take-action-urge-president-biden-to-update-the-overtime-rules-and-support-millions-of-working-people: Urge the Biden Administration to finish what President Obama started and make overtime pay fair! Stronger wages mean a stronger Social Security system!
During the Obama administration, Social Security Works joined a national coalition to deliver over 300,000 comments to the Department of Labor in support of improved overtime protections for millions of workers. But Republicans tied up the implementation of those rules with frivolous court challenges, and Donald Trump reversed it. Workers literally lost billions in lost overtime pay due to this–and that money stayed in the pockets of Donald Trump’s millionaire patrons.
Now, through executive order, President Biden has the opportunity to strengthen the rights and wages of millions of working people. And there’s no better time to show working people that the president has their backs than before the critical midterm elections.
Because our Social Security system is funded by payroll contributions, this change would not only help millions of workers, but it would strengthen Social Security’s finances.
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