Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Social Security topic
No spam. Unsubscribe anytime.
Lawmaker urges Congress to act on Social Security, backs "Promise Act" to force consideration
Summary
A lawmaker on the Senate floor warned Social Security faces large cuts in six years unless Congress acts and promoted the bipartisan "Promise Act" to require committees to develop and deliver reform options for floor consideration; he also advanced a separate investment-fund proposal as one possible approach.
A lawmaker speaking on the Senate floor urged Congress to move quickly to shore up Social Security, saying the program is an "earned benefit" relied on by tens of millions of Americans and warning that "if Congress does nothing in 6 years" benefits would be sharply reduced.
The lawmaker framed Social Security as an intergenerational guarantee that supports retired workers, people with disabilities, and surviving family members and said the program currently serves more than 75,000,000 Americans. "It's an earned benefit which says that after a lifetime of work and contribution, Americans can count on a measure of financial security," he said, arguing that demographic change and longer lifespans have strained the trust fund.
He said he and a Democratic colleague from Illinois, Durbin, introduced the bipartisan "Promise Act," which would require Congress to develop multiple reform options, have the relevant committees score them, and bring them to the floor on an expedited timetable rather than leaving the issue unaddressed. The lawmaker said the bill is about creating a process, not imposing a single policy, and that delaying action makes potential cuts or tax increases more drastic.
As one example of a policy that could be considered, he described a separate pension-style investment fund—distinct from the existing Social Security trust fund—that would invest earlier and let returns help meet future obligations. He cited a prior change to the Federal Railroad Retirement System under President George W. Bush as an example of Congress allowing diversified investments to improve long-term finances.
Addressing concerns about market risk and oversight, the lawmaker said the investment fund would bear market risk rather than individual beneficiaries and said it would include guardrails such as an annual audit published online so the public can see how funds are invested. He warned that doing nothing could cut benefits by "almost 29%" in six years and said that outcome would increase elderly poverty and risk the nation's credit rating.
The lawmaker closed by emphasizing that the Promise Act is intended to put Congress on the clock to produce and consider options and then yielded the floor.
