Bipartisan group of senators introducing legislation to avert looming Social Security shortfall
Summary
A group of senators from both parties is introducing a bill called the PROMISE Act to address the expected shortage of money in the Social Security program by 2032. The bill aims to create a bipartisan advisory committee that will recommend solutions and require Congress to vote on a plan to keep Social Security funded for at least 50 more years.Key Facts
- Social Security’s retirement fund is projected to run short by 2032, one year earlier than previously expected.
- The PROMISE Act is supported by senators from both parties and an independent senator.
- The legislation would create an independent, bipartisan committee to suggest ways to fix Social Security’s funding problems.
- It would force Congress to vote on a plan to secure Social Security’s finances for at least 50 years.
- Social Security’s shortfall is due to lower birth rates, less immigration, and less trust fund revenue.
- Past efforts to address Social Security’s finances have faced political challenges and opposition from interest groups.
- Even if the trust fund runs out, Social Security will still pay benefits but at a reduced level.
- Last major Social Security reform happened about 40 years ago, raising the eligibility age from 65 to 67.
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