Watch Live: Committee President Maya MacGuineas Testifies on Saving Social Security
On June 9 at 11 am EDT, Committee for a Responsible Federal Budget president Maya MacGuineas will testify before the Senate Budget Committee on saving Social Security. Her testimony will highlight that Social Security is only 13 years from insolvency, so the program will no longer be able to pay full benefits when today's 54-year-olds reach the full retirement age and today's youngest retirees turn 75. If nothing is done to prevent insolvency, all beneficiaries will face a 20 percent across-the-board benefit cut. She'll highlight how the longer policymakers wait to fix Social Security, the larger and more costly the necessary adjustments will be. For perspective, 75-year solvency could be restored with a 26 percent payroll tax increase or a 20 percent benefit cut today. If action is delayed until 2035, restoring solvency would require a 33 percent payroll tax increase or a 25 percent benefit cut. She'll also touch on what the objectives of Social Security reforms should be and highlight possible trust fund solutions to restore solvency.
You can watch the hearing here.
The full written testimony is available here.