Braley’s Fight to Increase Minimum Wage Also Strengthens Social Security PDF Print E-mail
News Releases - Politics & Elections
Written by Braley for Iowa   
Monday, 14 July 2014 13:16
Des Moines, IA – Today Braley For Iowa highlighted a report that shows how Bruce Braley’s fight to increase the minimum wage to $10.10 would not only provide 300,000 Iowans with a pay raise, but also strengthen the Social Security program that more than 580,000 Iowans rely on. In contrast, plans to privatize Social Security could reduce benefits for Iowa’s seniors and actually leave the program in worse financial shape.

According to the study from the Social Security Works coalition, an increase to the minimum wage would improve Social Security’s finances by increasing the wages of 28 million Americans, resulting in $35 billion in additional earnings by 2016 and providing more funding to the program.

“Bruce is fighting to raise the minimum wage because he believes no Iowan, whether now or in retirement, should work hard at a full-time job and be unable to support his or her family,” said Braley for Iowa spokesman Sam Lau. “Beyond providing 300,000 Iowans with a pay raise, a minimum wage increase also means Social Security would be strengthened for Iowans who have paid into the program their entire working lives.  As a U.S. Senator, Bruce Braley will ensure the hard work of Iowans is respected and the promises made to them are kept.”

The report also details the many other benefits that would come with an increased minimum wage, including decreased inequality, reduced elderly poverty, increased retirement security, and reduced taxpayer subsidies of low-wage employers.

Braley has made increasing the minimum wage and protecting Social Security a key focus of his campaign for Senate. He is a sponsor of the Fair Minimum Wage Act that would increase the federal minimum wage to $10.10 an hour. Braley is strongly opposed to any proposals to privatize Social Security or to gamble Iowans’ retirement savings on Wall Street. He has also opposed efforts to reduce future Social Security benefits for retirees if cost-of-living increases were shifted to a so-called “chained CPI” calculation.

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