by WorldTribune Staff / 247 Real News February 28, 2023
In order to stop Social Security from becoming insolvent, a group of senators led by Maine Independent Angus King and Louisiana Republican Bill Cassidy is considering gradually raising the retirement age to about 70.
According to the Congressional Budget Office, Social Security will be insolvent in about a decade and benefits will be automatically reduced.
The latest Social Security and Medicare Trustees annual report says Social Security needs to either cut benefits by 25% or increase revenues by 33% to gain long-term stability.
Congress has until 2034 to come up with some sort of plan that shores up the trust fund that pays for Social Security.
“This is an example of two leaders trying to find a solution to a clear and foreseeable danger,” Cassidy and King spokespeople told Semafor in a statement.
“Although the final framework is still taking shape, there are no cuts for Americans currently receiving Social Security benefits in our plan. Indeed, many will receive additional benefits.”
The Cassidy-King effort, which has not been finalized, could lead to an investment fund specifically to help stabilize Social Security.
“We face a choice when Social Security goes insolvent: massive benefit cuts, drastic tax increases or doubling our national debt. There should be a better option,” Cassidy said.
“Biden’s Democratic predecessors, Obama and Clinton, offered serious plans to save and strengthen Social Security,” Cassidy said, adding that Biden “only uses the issues as political fodder.”
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