Senators eye Social Security reforms as some in House GOP consider cuts

[+OverSword]

Quote

 

Some senators are eyeing a divided Congress as an opportunity to tackle reforms to Social Security, as the program faces significant solvency issues in little more than a decade. 

Changes to Social Security are a perpetually heavy lift for Congress, but they’ve gained traction as some House Republicans float cuts to it as part of debt ceiling negotiations. 

“A wise senator said that whenever you see reforms shore up those kinds of programs, it usually takes a divided Congress,” Sen. Dan Sullivan (R-Alaska) told The Hill this week. 

“So, maybe that historically bodes well for something that would make sure that Americans have a secure retirement system,” he added. 

Senate Republicans are generally leaving debt ceiling negotiations to the GOP-controlled House. 

But separately, there has been growing chatter from both parties in the upper chamber about potential ways to help protect Social Security, which some estimates say is on track to becoming insolvent in about 12 years. 

Reports surfaced last week that Sens. Bill Cassidy (R-La.) and Angus King (I-Maine) are working toward a bipartisan compromise to help protect the program, unrelated to debt ceiling negotiations. Semafor, which broke the news, reported the effort could lead to an investment fund specifically to help shore up Social Security. 

 

Link

[lightly]

Social security would be solid as a rock….IF the fund hadn’t been borrowed/stolen from …forever?   All workers ‘give’ ..not all receive..for long? ?

    https://www.forbes.com/sites/merrillmatthews/2011/07/13/what-happened-to-the-2-6-trillion-social-security-trust-fund/?sh=7a37500f4947

 

Edited January 25, 2023 by lightly

[+Desertrat56]

I have written my senator with my opinion on this.  I told him we paid in to this some of us for more than 40 years (by the time I retire it will be 50 years), and if reform needs to happen it needs to be with the investments that are causing the problem.   

[+OverSword]

9 minutes ago, Desertrat56 said:

I have written my senator with my opinion on this.  I told him we paid in to this some of us for more than 40 years (by the time I retire it will be 50 years), and if reform needs to happen it needs to be with the investments that are causing the problem.   

I'm with you on this one.  Been paying into it since '83 (40 years this year) and would prefer not to have to stress about money while getting ready to walk into the sunset.

[+Desertrat56]

11 minutes ago, OverSword said:

I'm with you on this one.  Been paying into it since '83 (40 years this year) and would prefer not to have to stress about money while getting ready to walk into the sunset.

Write your senators and let them know.

[Gromdor]

I'm sure they'll keep the payout amounts and just push the age of retirement back another 5 years.  We have too many empty jobs for people to think about retiring anyways. <sad truth/not sarcasm>

[+Desertrat56]

22 minutes ago, Gromdor said:

I'm sure they'll keep the payout amounts and just push the age of retirement back another 5 years.  We have too many empty jobs for people to think about retiring anyways. <sad truth/not sarcasm>

They have alaready pushed it back to 70.   Which is ridiculous!   The people born in the same year I was couldn't collect the full amount until 66 and 4 month, the next birth year 66 & 6 months, next 66 & 8 months , 1959 66 & 10 months, 1960 birth year 67, etc.   And I keep getting letters from them telling me I should wait until I am 70 to retire to get 200.00 more a month!   The congress during the Reagan administration raped and pillaged and we are still paying for it, because it set a precedent.   I am still working but I decided to start collecting so I can retire sooner (retirement requires being debt free in order to be ok).

Edited January 25, 2023 by Desertrat56