Larson Statement on Social Security Trustees Report

Washington, D.C. – Today, House Ways and Means Social Security Subcommittee Chairman John B. Larson (CT-01) released the following statement on the 2020 Social Security Trustees Report.

"Today's report confirms that Social Security's financing is strong in the near term, but it will not have enough to pay 100 percent of promised benefits in long term. The report underscores why it is so important that Congress take action now to prevent a 21 percent cut from occurring in 2035, by ensuring Social Security is fully funded and strengthened for today's seniors and future generations, who will need it even more," said Larson.

"As we face the COVID-19 pandemic, Social Security's role is even more important than ever. During this volatile time of economic uncertainty, Social Security remains the one constant that all current and future beneficiaries can count on. It has never missed a payment. That's why we must act now to expand and enhance Social Security with the Social Security 2100 Act. This legislation will ensure Social Security remains solvent for the next 75+ years, while expanding benefits. Moreover, the expansion of Social Security's steady monthly payments would be an automatic boost to the economy."