"We're going to do this in regular order and flesh out all ideas," Rep. Larson said, including the testimony of actuaries, economists, retiree activists and even retirees in a series of public committee hearings. "This is not going to be something we rush to the floor. " (Photo: Shutterstock)
Congressman John Larson, D-CT, is on a mission. For decades — long before Larson was elected to Congress in 1998 — the writing has been on the wall for Social Security, the federal government's largest mandatory expenditure that paid benefits to 67 million people in 2017.
Immediately after Congress passed amendments to the Social Security Act in 1983, Social Security Administration actuaries warned that the cost of annual benefits would outstrip revenue from payroll taxes absent further Congressional action. At the time, actuaries estimated Social Security's cash reserves would be exhausted by 2057.
That prediction has of course been moved up. Last year's SSA Trustees' Report said reserves in the Old-Age and Survivors Insurance Program would run out by 2034, at which time retirees will see an across-the-board 23 percent reduction in monthly checks.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
