Ex-Social Security administrator calls for raising cap
Summary
Martin O’Malley, who used to lead the Social Security Administration, said that asking wealthy Americans to pay more into Social Security can help fix the program’s money problems. A recent report warned that people who get Social Security might face a 22% cut in their monthly payments by 2032.Key Facts
- Martin O’Malley is a former head of the Social Security Administration.
- He suggests raising the amount higher-income people pay into Social Security.
- Social Security is facing a funding shortfall, meaning it may not have enough money in the future.
- A report says Social Security benefits could be cut by 22% in 2032.
- This issue could affect many Americans who rely on Social Security for income.
- Increasing payments from wealthier Americans is seen as a way to help keep the program funded.
- The discussion took place during an interview on NewsNation.
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