Lawmakers Ask for TRUST to Help Shore Up Social Security
It seems that some lawmakers are just as worried about the future of Social Security as we are. Senators Mitt Romney and Joe Manchin, along with a handful of other political leaders, recently reintroduced legislation that will shore up Social Security’s and other government trust funds.
According to an article by ThinkAdvisor, the Time to Rescue United States Trusts, or TRUST Act, would establish bipartisan, bicameral commissions to address the long-term solvency of major trust funds such as Social Security, Medicare, and even highways.
The concern is that if nothing is done, these trust funds will quickly become insolvent resulting in deep benefit and service cuts. The Committee for a Responsible Federal Budget warned that if nothing is done, by 2032 Social Security benefits could be cut by about 25%.
While the TRUST Act itself will not make any changes to current federal programs, it would establish a bipartisan commission in Congress whose role would be to restore the solvency of these critical programs. The article goes on to explain that “the rescue committees would be tasked with writing legislation to prevent trust fund depletion, improve long-term solvency, and simplify and improve the underlying programs.”
Senator Mitt Romney is quoted as saying, “Our TRUST Act is a bipartisan solution which will shore up our federal trust funds and put us on a path toward a stronger fiscal future.”
Social Security Expansion Act Also Provides Long-Term Solvency
The TRUST Act will act as a wonderful complement to the Social Security Expansion Act. This landmark piece of legislation aims to guarantee the long-term solvency of our Social Security program, among other things.
It would accomplish this by lifting the cap on Social Security taxes. Its sponsors believe this alone could “extend the solvency of Social Security for about 52 years to the year 2071”. Scraping the cap would bring in more revenue to sustain the program.
The other key tenets of the Social Security Expansion Act would increase monthly benefits, establish a fairer Social Security cost-of-living adjustment (COLA) based on the unique spending habits of seniors, and increase minimum Social Security benefits in order to greatly reduce senior poverty.
The Seniors Trust has been working diligently to convince Congress to pass this legislation. You can show your support by signing their petition. You would not be alone. Surveys show unanimous support for Congress to finally enact the Social Security Expansion Act.
