The Social Security trustees reported June 9 that the Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100% of scheduled benefits until the fourth quarter of 2032, one quarter earlier than projected last year.
"Congress has only two options to address the projected shortfall: Bring more money into Social Security, or cut benefits," according to Nancy Altman, president of Social Security Works. "Any politician who refuses to raise revenue, including by making the wealthy pay their fair share into Social Security, is telling us that they support benefit cuts.
"The American people, including Republicans, are overwhelming in their opposition to even a penny of benefit cuts," Altman said. "Support for means-testing and other benefit cuts (even if paired with revenue increases) is a betrayal of the American people."
Social Security's future, Altman added, "is on the ballot. Any of the U.S. senators elected this November could become the deciding vote."
Since January, lawmakers have been busy introducing legislation to, among other measures, increase Social Security benefits by $150 per month and repeal the Social Security earnings test. See the gallery for seven of those bills.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.