WASHINGTON, D.C. – Social Security's funding outlook has been a topic of debate in Congress for decades, but Rep. Randy Feenstra says there are problems with the government's official data.
The Republican from Hull wrote a bill that would require the Congressional Budget Office, a bipartisan agency that reviews the economics of policies and proposals, to change the framework for Social Security's long-term fiscal status.
“Thanks to reckless government spending and rising interest rates, recent reports predict that the Social Security Trust Fund could be depleted within a decade,” Feenstra said. “This is not only alarming for those who rely on Social Security checks, but also absolutely unacceptable for lawmakers who choose to ignore this pressing crisis.”
Enacted in 1935, Social Security primarily provides Americans with a variety of welfare rights, including retirement benefits starting at age 67 and in some cases earlier.
The program accounts for the largest amount of spending in the federal budget, accounting for 22% this fiscal year.
The Congressional Budget Office's current rules require that Social Security be treated as if it were covered by Social Security.
Always solvent. Feenstra said this was unreasonable, given that other observers had long suggested the company was trending slowly towards bankruptcy.
“Instead of sticking our necks out and pretending that Social Security remains fiscally sound, my bill would make this crisis front-page news for both lawmakers and the American people,” he said. .
His bill, called the Save Our Seniors Act, would require the Congressional Budget Office to include charts that exclude solvency assumptions when it releases its 10-year forecasts for Congress.
Feenstra introduced the bill to the House Appropriations Committee, of which he serves. He also serves on the Social Security Subcommittee.
“Congressman Feenstra is passionate about preserving Social Security for generations to come, and that will require the hard work of all members,” said Billy, the congressman's communications director. Mr. Furst said.
Mr Furst said spending cuts would be needed elsewhere in government to address the estimated shortfall. He added that lawmakers need “the real, hard truth that if Congress doesn't act responsibly, Social Security will fail.”
The Save Our Seniors Act has 25 co-sponsors, all Republicans, including Representative Mariannette Miller-Meeks of Iowa.
With Democrats in control of the Senate and White House, any legislation will need bipartisan cooperation to pass for at least 11 more months.
Deadlock between and within political parties has halted most policy-making. This includes the Save Our Seniors Act, which was introduced on Dec. 19 but has seen no progress.
Former President Donald Trump, the party's almost certain 2024 nominee, has pledged to fully fund Social Security in all three of his White House campaigns. This was a shift from the Republican tradition of saying all entitlement programs needed to be slimmed down.
Democrats, including President Joe Biden, also defend Social Security as a cornerstone of the New Deal framework their party has championed for nearly a century.
Nikki Haley, Trump's only viable candidate, has proposed raising the retirement age to cut spending.
Feenstra's bill is not part of the funding solution. He said solving the problem starts with an honest assessment of the data.
“We will continue to work to strengthen our nation's fiscal foundation while ensuring that our seniors and workers receive the benefits they deserve,” Feenstra said.