Social Security Update: Commission Proposed by Republican to Make Changes
Summary
Representative Darin LaHood, a Republican from Illinois, has proposed creating a bipartisan federal commission to address funding problems in Social Security and the national debt. The commission would meet for a year, then submit reform proposals for Congress to approve or reject without changes. Social Security faces possible insolvency by 2031 or 2032, meaning it may not have enough money to pay full benefits.Key Facts
- Social Security may run out of enough money to fully pay benefits by 2031 or 2032.
- The U.S. national debt is around $39 trillion.
- LaHood’s proposed commission would include members from both political parties in the House and Senate.
- The commission would meet for one year and suggest changes to Social Security and government debt.
- Congress would vote on the commission’s recommendations without making changes.
- Changes to Social Security might include raising the retirement age, increasing taxes on high earners, or changing benefits.
- LaHood compared his idea to the Simpson-Bowles Commission, a similar bipartisan group formed in 2010.
- The Simpson-Bowles Commission proposed large deficit cuts but failed to get enough support from Congress.
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