politics
Bernie Sanders has a fix for 'Social Security's solvency for generations to come': make the rich pay
With the few months they have left as senators, Democrat Dick Durbin and Republican Bill Cassidy have embarked on a mission to save tens of millions of Social Security beneficiaries from a projected 22% cut in their benefits, starting in just six years.
TL;DR
- Senators Dick Durbin (D-IL) and Bill Cassidy (R-LA) are leading a bipartisan effort to ensure Social Security's solvency for at least 50 years by establishing a process for Congress to act.
- This proposed process involves the bipartisan Social Security Advisory Board submitting draft legislation, which would then go through congressional debate and voting procedures.
- Senator Cassidy also co-sponsors a bill with Senator Tim Kaine (D-VA) to create a $1.5 trillion investment fund, financed by Treasury borrowing, to cover a portion of Social Security's future costs.
- Senators Elizabeth Warren (D-MA) and Bernie Moreno (R-OH) propose lifting the cap on the Social Security payroll tax, which currently applies to income up to $184,500.
- Progressive lawmakers, including Senator Bernie Sanders (I-VT) and Representative Val Hoyle (D-OR), advocate for lifting the payroll tax cap on earnings above $250,000 and increasing taxes on investment gains to boost benefits.
- The AARP opposes the Durbin-Cassidy bill, viewing it as a "fast-tracking" of changes with limited amendment options and arbitrary deadlines.
- Debt watchdogs express concern about the risks and costs associated with debt-funded investment strategies.