The Senate Finance Subcommittee on Social Security, Pensions, and Family Policy met June 24, to weigh the future of Social Security. Members and witnesses agreed on the urgency of a looming shortfall but were divided over how to close it.
Without congressional action, the program’s primary trust fund is projected to run dry in 2032, triggering an automatic 22% benefit cut for every beneficiary.
Chairman Chuck Grassley (R-IA) used his opening statement to argue that revenue alone cannot fix the program, warning that the gap “cannot realistically be plugged simply through tax hikes on the wealthy” — the Democrats’ favored solution, nor by only curbing waste, fraud, and abuse — the Republican one.
To dig deeper, visit the original article on the Thomson Reuters blog.