Social Security
Many seniors live on a fixed income, and I know how important their Social Security checks are for their medicines and day-to-day living expenses. Unfortunately, Social Security is now paying out more in benefits than it collects in payroll taxes. Based on current forecasts, Social Security can only pay full benefits until 2035, after which it will pay just 80 percent of its promised benefits.
The government must honor the promises it has made to those who have retired or are reaching retirement soon. I am committed to addressing the challenges facing Social Security so that we may sustain and protect the program for current beneficiaries and future retirees. No program does more to ensure that every American can have a decent retirement.
I believe a good place to start would be passage of legislation I have introduced for multiple Congresses, the Bipartisan Social Security Commission Act. The bill calls for a bipartisan, bicameral commission tasked with recommending reforms to ensure Social Security is solvent for at least 75 years. Congress would then be required to vote up or down on the commission’s recommendations within 60 legislative days.