Rep. Lawson Introduces His Economic Affordability Plan
WASHINGTON – Today, Rep. Al Lawson (FL-05) introduced his Economic Affordability Plan, a robust package of legislation that aims to reduce the many challenges millennials, recent college graduates and senior citizens face. The three-bill package offers a one-year federal student loan deferment to recent college graduates, helps first time homebuyers and offers social security benefit increases while also protecting its solvency.
“Too many Americans are hamstrung by student debt or denied the cornerstone of wealth-building through homeownership and lack retirement security,” said Rep. Lawson, who serves of the U.S. House Committee on Financial Services. “As the program is currently operating, the Social Security trust fund will be depleted by 2034 – leaving millions of disabled workers, retirees and children without a firm financial foundation. My Economic Affordability Plan remedies these fundamental flaws and allows citizens to achieve the American Dream.”
Specifically, these bills address the following issues:
- Student Loan Deferment Act: Provides much-needed relief to borrowers who need an extended grace period to find employment and economic stability before paying off student loans. This bill will extend the six-month repayment grace period for all William D. Ford federal direct student loans to one year. It also freezes interest rate on these loans during this grace period.
- First Time Homebuyers Act of 2019: Offers an avenue for potential homeowners to save money in an interest accruing account towards the purchase of their first home.
- Social Security For Future Generation’s Act: Extends Social Security benefits for widow(ers) and students through the age of 22, updates the cost-of-living adjustments formula (COLAs) to all beneficiaries – resulting in an increase for seniors, and closes a tax loophole that allows the wealthiest Americans to pay a lower Social Security tax rate.