Senators meeting in silence to restructure Social Security
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Senators are considering raising the retirement age to 70 and seeking a $1.5 trillion investment fund to reform Social Security to prevent funds from running out by 2032.
- A group of bipartisan senators meets quietly to restructure Social Security before funding runs out in 2032
- On the table, according to Semafor, is gradually raising the retirement age to 70 years and creating a sovereign fund of 1.5 trillion dollars, which would invest in shares
- Leading the effort are Sens. Bill Cassidy, a Republican from Louisiana, and Angus King, a Maine independent who caucuses with Democrats.
A group of bipartisan senators is meeting quietly to restructure Social Security before funding runs out in 2032.
In the table, according to traffic lightit is gradually raising the retirement age to 70 and creating a $1.5 trillion sovereign wealth fund, which it would invest in stocks.
That fund would be separate from the existing Social Security Trust Fund. If you were to underperform, Social Security would be bolstered by raising the maximum taxable income and payroll taxes.
Leading the effort are Sens. Bill Cassidy, a Republican from Louisiana, and Angus King, a Maine independent who caucuses with Democrats.
traffic light and The Hill newspaper reported that other Republicans involved are Sens. John Cornyn, Mitt Romney and Mike Rounds.
Sen. Angus King (left), a Maine independent running with Democrats, and Sen. Bill Cassidy (right), a Louisiana Republican, lead a bipartisan group of senators who are quietly devising ways to fund Social Security in the future
Social Security has been front and center in the American political debate since last month’s State of the Union address.
During President Joe Biden’s constitutional speech, the Democrat lashed out at Republicans for wanting to go after Social Security and Medicare.
As proof, he used Florida Senator Rick Scott’s pre-midterm election proposal to “cancel” all federal laws every five years.
Scott denied that his plan included Social Security and Medicare, but later modified the website.
At the same time, Republicans have gone after vulnerable Senate Democrats, suggesting they jeopardized the solvency of the programs when they voted for Biden’s $1.9 trillion US Bailout Plan in the first weeks of his administration.
Republicans have pointed to that bill as the culprit for rising inflation.
In mid-February, the National Republican Senatorial Committee released new ads linking the bill to future cuts in Medicare and Social Security.
Social Security has been front and center in American politics in recent weeks after President Joe Biden went after Republicans in his State of the Union address, claiming the GOP wanted to “cancel” the legislation. every five years.
‘You got your retirement benefits, you followed the rules, you paid into the system, but Jon Tester wants to take them away from you. Tester endorsed Joe Biden’s extreme agenda, putting his Medicare and Social Security at risk,” read an ad targeting the Montana Democrat who said he would run for re-election in 2024.
‘Tell Jon Tester: Hands off our benefits.’
Rounds, a member of the group, he told The Hill newspaper that one of the most difficult parts of the talks has been keeping “presidential politics out of it.”
“It’s a very easy third lane to use on both sides of the aisle, if you want to go after an opponent,” he told the paper.
Romney told the publication that he believed the Social Security bill would be introduced later this year.
“I’m not sure it will pass this year, but obviously, it’s a huge topic with enormous interest, and the fact that both Medicare and Social Security are scheduled to go bankrupt within a decade suggests we need to make sure to save them.” .