Social Security: Two Key Senators Want the Solvency of Government Trust Funds to Be Put Back on the Table
When it comes to figuring out the finances for Social Security and Medicare, the stars may be aligning — or so two key senators hope.
Three of the government’s most important trust funds, Social Security, Medicare, and the Highway Trust Fund, are expected to run out of funds needed to provide full benefits within the next 11 years. The first is Medicare, which may run out of funds by 2026.
Senators Mitt Romney (R-UT) and Angus King (I-ME) argue that the issue must be addressed now, rather than waiting for the money to run out, and they are proposing the formation of “rescue commissions” to investigate the programs.
“When COVID hit, everything sort of came to a halt because we were all focused on COVID…and the TRUST Act was pushed to the back burner.” “But it’s back on the front burner,” Romney said Wednesday, adding that a bipartisan group of at least 12 senators is now behind the idea.
“Even though it isn’t a top political issue, people are working on it.” “He continued.
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“I’m cautiously optimistic about this,” said King, an Independent who caucuses with Democrats, before adding that he “never bets on the timely outcome of the legislative process, but I think we’re in pretty good shape on this.”
The remarks were made at an event hosted by the Committee for a Responsible Federal Budget. The group has been pushing the issue for years, and its president, Maya MacGuineas, kicked things off on Thursday by claiming that there are now “a number of policymakers who are really starting to pay attention.” “and that inflation has exacerbated the problem.
According to a U.S. Treasury report released last fall, if nothing is done, the Social Security trust fund will only be able to pay out full benefits until 2033, after Medicare runs out in 2026. The recent Bipartisan Infrastructure Act provided some relief to the Highway Trust Fund, but only extended its solvency until 2027.