Larson on the Release of the Social Security Trustees Report
Washington, D.C. – John B. Larson (CT-01), Ranking Member of the Ways and Means Social Security Subcommittee, released the following statement on the 2018 Social Security Trustees Report:
“Once again, the Social Security Trustees confirmed what we all know – Social Security is stable financially for now, but needs a long-term solution. Workers pay into it over a lifetime and deserve to know that their earned benefits will be protected and enhanced, not recklessly cut. With the loss of traditional pensions, stagnant wages, rising health care costs, and many individuals being unable to save enough through other retirement vehicles, we are in the midst of a growing retirement crisis. That is why strengthening and improving Social Security is more important than ever.
“The good news is that there is a path forward to put Social Security on the right track that doesn’t add a penny to the deficit, achieves solvency beyond the 75-year window, and expands benefits in a meaningful way. There can be no further delay with 10,000 Baby Boomers a day who are becoming eligible for Social Security benefits. Congress must act now because Social Security is not an entitlement, it is the insurance that they have paid for and earned. The Social Security 2100 Act, that I have introduced with over 170 of my colleagues, would increase benefits, cut taxes for working seniors, and ensure the program’s solvency for generations to come,” said Larson.
Important takeaways from the 2018 Social Security Trustees Report:
- Social Security’s reserves stand at $2.9 trillion.
- Social Security is projected to be able to pay full, earned benefits until 2034. After that time, even if Congress took no action, Social Security could still pay about three-quarters of benefits due.
For more information about the Social Security 2100 Act, read the proposal here.