Social Security

Newsweek -    Senator Elizabeth Warren and other Democrats warn that proposals to raise the retirement age floated by some Republicans could result in significant benefit cuts for millions of Americans. It comes as Congress faces pressure to address Social Security’s looming funding shortfall.

“Republicans have a history of attempting to increase the retirement age, privatize Social Security, or otherwise cut Social Security benefits, and some Congressional Republicans have called to raise the retirement age or means-test benefits as the 'solution' to this problem,” Warren and Senators Tammy Duckworth and Richard Blumenthal wrote in the new letter to President Donald Trump.

The Hill -   Speaker Mike Johnson’s (R-La.) call for Republicans to act on Social Security reform if they keep control of Congress in 2027 is getting pushback from Senate Republicans who warn it’s a bad political message heading into November. 

Yet, a trustees’ report that the popular retirement program will become insolvent sooner than expected has lit a fire under lawmakers in both parties to call for reforms such as raising the cap on payroll taxes, “means testing” beneficiaries, raising the retirement age, and creating personal accounts to invest in the stock markets.

The Social Security trustees’ report warned that beneficiaries would see their monthly checks cut by 22 percent in 2032.

....“I’m sending a letter to our leadership. … I’m sending them an official letter saying we should set up a bicameral, bipartisan [committee] — equal number of Republicans, equal number of Democrats — and the sole goal is to discuss how to make Social Security and Medicare solvent,” Sen. Rand Paul (R-Ky.) said.

Sen. Ron Johnson (R-Wis.) said he’s going to hold the Speaker to his promise to address Social Security’s future fiscal trajectory if Republicans keep control of Congress.

“We were promised … if we retain the majority, we’re definitely going to tackle this. I’ll try and hold them to this,” he said.

The Wisconsin Republican said he wants to “plus up” Social Security benefits by slashing federal spending more generally to create more fiscal space to fund Social Security without adding to the deficit.