Chairman Cassidy, Ranking Member Brown, and Members of the Committee. Thank you for the opportunity to discuss the importance of paid parental leave and how it might be provided in an affordable way via the Social Security program.
Today I wish to make four main points:
Paid parental leave can provide important health and educational benefits to children while enabling mothers to remain attached to their prior jobs, which can increase earnings substantially once the mother returns to work.
However, proposals to provide paid parental leave financed by employers, workers or the government each have potential disadvantages.
An alternate approach would allow new parents to claim a temporary Social Security benefit. To offset the cost of these benefits, parental leave beneficiaries would agree to a reduction in the value of their future Social Security retirement benefits, such as via an increase in their normal retirement age.
While every proposal has pros and cons, the Social