Bipartisan group of senators introduces legislation to avert looming Social Security shortfall [View all]

Source: AP News

With Social Security’s looming insolvency date roughly six years away, a bipartisan group of lawmakers introduced a proposal Tuesday to grapple with one of the most consequential financial challenges facing the federal government.

The Protecting Retirement Opportunities and Maintaining Income Security for Everyone, or PROMISE Act, comes on the heels of the latest Social Security Board of Trustees’ annual report, which found that Social Security’s retirement trust fund is projected to face a funding shortfall in 2032, a year earlier than last year’s projections.

Even with it being clear for years that Social Security was running out of money, Congress has been loath to act. Making changes to the program — and potentially cutting benefits — has long been politically unpopular, and lawmakers have repeatedly kicked Social Security and Medicare’s troubling math to the next generation.

“The longer Congress waits, the more difficult it will be to address the program’s financial shortfall,” Sen. Dick Durbin, D-Ill., one of the bill’s authors, said in a statement. “We were elected to solve problems — we owe it to our kids and grandkids to protect and strengthen this critical program.”

Read more: https://apnews.com/article/social-security-legislation-insolvency-a53abd2cb93f4bd3c9f568f532af8b2e