Social Security reform pressure mounts ahead of midterm elections

Social Security reform remains one of Washington’s most persistent and politically difficult issues, with the program’s retirement trust fund projected to face insolvency in 2032 and an automatic 22% benefit cut unless Congress acts. A report published Tuesday by The Wall Street Journal and two new analyses from the Committee for a Responsible Federal Budget (CRFP) illustrate growing pressure on lawmakers to find a long-term solution. “I want the public to see, like, we’re not sleepwalking here,” Sen. Tim Kaine (D-Va.) told the Journal. Kaine backs bipartisan proposals that would establish mechanisms to help Congress move more quickly on a solvency plan. Other lawmakers, including Sens. Bernie Moreno (R-Ohio) and Elizabeth Warren (D-Mass.) have discussed eliminating the cap on Social Security payroll taxes, while Reps. Tom Cole (R-Okla.) and Tom Suozzi (D-N.Y.) support a bipartisan commission with expedited congressional consideration of a plan. The Journal reported that major changes will almost certainly require bipartisan support because Social Security legislation generally needs 60 votes in the Senate. Debate over taxes and benefits The emerging debate centers on whether to ra...