Social Security's looming insolvency sparks alarm in Congress [View all]

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.

Fiscal conservatives are applauding Johnson's bold talk.

https://www.yahoo.com/news/politics/articles/social-security-looming-insolvency-sparks-100000225.html

Sure, they're applauding. They want more billionaire tax cuts.