Unlikely Allies: Sens. Bernie Moreno and Elizabeth Warren Push Plan to Shore up Social Security
AARP says a 22% benefit cut in 2032 could be avoided by raising the taxable wage cap on higher earners.
- AARP expressed strong opposition to the Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act on July 21, citing concerns that fast-tracked procedures would limit public debate on Social Security changes.
- The Old-Age and Survivors Insurance Trust Fund faces projected depletion by 2032, potentially triggering a 22% across-the-board benefit cut that would pressure lawmakers to act before the deadline.
- AARP Chief Advocacy and Engagement Officer Nancy LeaMond argued the advisory board structure provides "little time for deliberation and limited public input," with debate capped at 100 hours and amendments restricted.
- If committees fail to act by November 9, legislation automatically advances to a post-election "lame-duck session" where departing members face reduced voter accountability, according to LeaMond.
- The Bipartisan Policy Center endorsed the bill as a "serious bipartisan process to break the status quo of inaction," arguing it forces Congressional confrontation with Social Security's long-term financial challenges.
11 Articles
11 Articles
Congress Has Six Years to Save Social Security: Here's What's at Stake
The post Congress Has Six Years to Save Social Security: Here’s What’s at Stake appeared first on 24/7 Wall St.. There are rumors that Social Security is about to run out of money. That’s not true, so there’s no need to start panicking about not getting a monthly benefit at all. But Social Security is facing a serious financial challenge that lawmakers must address. The program’s Old-Age and Survivors Insurance (OASI) Trust Fund is expected to…
Fiscal Commissions Are not the Answer for Strengthening Social Security
Soon-to-be retired Senator Dick Durbin’s (D-IL) new PROMISE Act is the latest in a wave of proposals to establish a ‘fiscal commission’ to address Social Security’s looming financial shortfall, instead of allowing Congress to do its job and devise its own proposals. Durbin’s bill would authorize the four-person Social Security Advisory Board to draft a 50‑year solvency bill that would be fast‑tracked through Congress by the end of the current le…
AARP opposes Social Security process proposed in PROMISE Act
AARP is urging Congress to reject a proposal that would create a fast-track process for developing and considering legislation aimed at strengthening Social Security’s long-term finances. The Protecting Retirement Opportunities and Maintaining Income Security for Everyone — PROMISE — Act, introduced July 14 by Sens. Dick Durbin, D-Ill., Bill Cassidy, R-La., and six other senators, would direct the Social Security Advisory Board to draft legislat…
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