Statement by Maya MacGuineas on Introduction of the Save Our Social Security Act

Rep. Reid Ribble and the co-sponsors of the Save Our Social Security Act deserve huge praise for putting forward a serious and responsible plan to strengthen Social Security. This legislation would protect America’s current and future seniors by restoring the program’s solvency and putting it on a fiscally sustainable path.

Without action, tens of millions of Americans will face a 21 percent across-the-board benefit cut when the Social Security Trust Fund runs dry in 2034. That means that if you’re 49 today, the fund will run out just as you’re getting ready to retire. And if you are among today’s newest retirees, you’ll see your benefits slashed when you turn 80.

The Save Our Social Security Act would prevent this cut through a thoughtful mix of new revenue, progressive benefit changes, and increases in the retirement age; and it does it in a way that allows benefits to continue to grow for all beneficiaries, but especially the most vulnerable. That framework should appeal to Republicans and Democrats alike.

In doing so, the Save Our Social Security Act – which relies heavily on options from our own Social Security Reformer tool – would secure the Social Security program for generations to come.

Fixing Social Security requires making real choices, and Rep. Ribble and his colleagues should be commended for having the political will to make those choices. The alternative of doing nothing is a deep benefit cut for all beneficiaries. That’s a retirement crisis we can’t afford.

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 For more information, contact Patrick Newton at newton@crfb.org.