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November 16, 2022 at 04:54 PM
What You Need to Know
- President Joe Biden has called for $14.8 billion in Social Security Administration funding in fiscal 2023.
- Acting Social Security Commissioner Kijakazi says that level of funding would help her agency cut backlogs and continue key IT modernization work.
- The stakes are high, as Social Security represents a critical source of retirement income for all Americans, especially those in historically marginalized minority groups.
On Wednesday, Acting Social Security Commissioner Kilolo Kijakazi offered the opening remarks at a retirement equity forum held by the Schwartz Center for Economic Policy Analysis and the Economic Policy Institute.
The purpose of the policy event, which was moderated by the New School’s Teresa Ghilarducci, was to spotlight the challenges facing Black and Hispanic workers in preparing for retirement compared to their white counterparts, and to call on lawmakers to take concerted action to address the gap.
According to Kijakazi and the other speakers, the Social Security program plays a major role in providing retirement security to all Americans, but the program is especially critical for African Americans and Hispanic Americans. As such, Kijakazi said, it is of paramount importance for the ongoing pursuit of racial equality in the United States that the Social Security program be put on a healthy financial footing for the long term.
As Kijakazi emphasized, it is important for Congress to take steps to adequately fund both the Social Security program’s benefit funds and also the Social Security Administration itself.
Kijakazi says her focus is now squarely on advocating that Congress pass President Joe Biden’s proposed fiscal 2023 budget, which would direct about $14.8 billion to the Social Security Administration, an increase from the agency’s $13.3 billion budget for fiscal 2022.
According to Kijakazi, the SSA is currently operating with one of its lowest levels of staffing on record, and the SSA’s staff are grappling with significant backlogs and challenges, especially when it comes to the review and approval of Social Security disability claims.
“Social Security is the bedrock of many Americans’ retirement security,” Kijakazi said. “It is one of our country’s most popular and most successful social insurance programs, and it is also one of the most progressive. We must act soon to ensure the program lasts for generations to come.”
During her remarks, Kijakazi emphasized the fact that African Americans and Hispanic Americans continue to face discrimination in hiring and promotions. As such, these demographic groups have lower incomes on average and higher debt burdens, even when accounting for education levels.
