Larson Statement on the 2024 Social Security Trustees Report
Washington, D.C. - Today, House Ways and Means Social Security Subcommittee Ranking Member John B. Larson (CT-01) released the following statement on the 2024 Social Security Trustees Report, which shows that the Social Security Trust Fund will face insolvency by 2035 if Congress does not act.
“With the combined Social Security Trust Fund facing insolvency in 2035, today’s Trustees Report shows the urgent need to act to protect and enhance Social Security for the first time in more than 50 years,” said Larson. “Social Security is a critical program that nearly 70 million Americans rely on to make ends meet at a time when 10,000 baby boomers a day become eligible for Social Security. It is the number one insurance and anti-poverty program for seniors, disabled workers, and children. Yet, instead of taking action now to protect this vital program against cuts, House Republicans are busy proposing $1.5 trillion in cuts to Social Security today – and they want to ram their plan through an undemocratic and unaccountable so-called ‘fiscal commission.’
“Democrats are united in not only protecting Social Security but enhancing it for the first time in more than 50 years,” Larson continued. “President Biden was clear at the State of the Union: ‘scrapping the cap’ on the less than one percent of Americans making more than $400,000 a year will allow us to keep Social Security solvent for years to come and strengthen benefits, and Democrats have a plan to do just that. The Social Security 2100 Act is cosponsored by nearly 200 House Democrats and would improve benefits across the board while extending solvency until 2066, while Donald Trump and House Republicans continue their calls to slash Americans’ hard-earned benefits! By contrast, President Biden and Democrats are working to strengthen Social Security, not cut it.”
Rep. Larson and nearly 200 House Democrats introduced the Social Security 2100 Act to extend the program’s solvency through at least 2066 and enhance benefits for the first time in more than 50 years by heeding President Biden’s call to ‘scrap the cap’ on income above $400,000 to ensure the wealthiest Americans pay into Social Security with each and every paycheck.