CRFB Encouraged by Chairman Johnson's Social Security Solvency Plan
Rep. Sam Johnson (R-TX), Chairman of the Ways and Means Subcommittee on Social Security, released a comprehensive plan today to ensure Social Security’s long-term solvency.
Social Security is on a path to insolvency, and the sooner our leaders make changes to fix the program, the better. Chairman Johnson has proposed a thoughtful plan to ensure Social Security benefits are paid on time and targeted toward those who need them most.
It shows true leadership that the Chairman has taken on an issue that most in Washington shy away from and has proposed a clear path forward.
Unfortunately, time is running out to make constructive changes to the Social Security program. Under current law, today’s 49-year-olds will see their benefits cut by nearly a quarter when they retire, and today’s youngest retirees will see their benefits abruptly slashed when they turn 80. Chairman Johnson’s bill offers a serious approach to avoiding these painful cuts.
Congressional leaders and the incoming Trump administration should follow Chairman Johnson's lead, treating his proposal as a possible starting point for discussion. Members who may disagree with his approach should put forward their own ideas to guarantee the program’s continued solvency- doing nothing is not an option. Revenue and benefit changes both need to be on the table.
It’s time to stop fighting over whether we need to fix Social Security, and start negotiating over how.
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