Act keeps Social Security solvent, boosts benefits
Along with washing in a Democratic majority to the U.S. House, November’s blue wave is busting up a logjam of legislation, bills that warrant a higher public profile and more debate than House Republicans had allowed during the last eight years.
Among those bills — and reintroduced this week — is the Social Security 2100 Act, which would provide a modest increase in benefits for retired Americans, but should also secure Social Security’s solvency for the next 75 years and beyond.
Originally introduced two year ago, the bill was revived Wednesday by Rep. John Larson, D-Connecticut, now the chairman of the House Social Security subcommittee.
A number of reports have estimated there are about 15 years remaining before Social Security’s reserves begin to dwindle because of the stagnation of middle-class wages and the bulge of baby boomers entering retirement. Combined, the trust funds for Old-Age and Survivors and Disability Insurance total about $2.89 trillion. That’s enough to continue paying full benefits to all who are eligible until about 2035. After that, however, benefits would have to be cut by about 23 percent.
Some proposals to fix Social Security have suggested raising the retirement age, lowering benefits and even privatizing Social Security. Larson’s plan relies on none of those options and — while restoring solvency to the program with additional revenue — also allows for some modest increases and protections for retirement benefits.
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