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A Ray of Hope for SS Reform??? - Bipartisan Policy Center Action
Just recently, the so-called “Bipartisan Social Security Commission Act of 2026 (H.R. 9187)” was introduced on the House Floor by Republican Congressman Tom Cole (OK-04) and Democratic Congressman Tom Suozzi (D-Long Island/Queens). Coincidentally, House Speaker Mike Johnson yesterday called on his Republican colleagues to plan to focus on reforming Social Security after the upcoming mid-term elections. This is, of course, great news because the Social Security Trust Funds will run out of money in about 6 years, causing an across-the-board 22% cut in everyone’s monthly SS benefit.
Both Congressmen issued statements on their plan to create a special new bipartisan commission consisting of equal representation by lawmakers in both parties, plus several outside SS experts, to develop bipartisan legislation to restore Social Security to financial solvency, with a commitment to provide recommendations within a year. It is, indeed, very good news that Congress appears to finally be focusing on this Social Security financial issue with urgency! Read the announcements by both Rep. Cole and Rep. Suozzi at the links below:
Statement by Rep. Cole: Click here
Statement by Rep. Suozzi: Click here
While experience cautions us to not be overly optimistic about legislation proposed on the House floor, the obviously increasing interest within the halls of Congress on Social Security’s looming financial dilemma – one that they have steadfastly avoided for decades – is a very welcome change indeed. Please also read this fact sheet about H.R. 9187 at the Bipartisan Policy Center Action.
As an example of leading thinking on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to serve future generations. AMAC’s position is that this can be achieved without payroll tax increases through relatively minor program modifications, including changes to the cost-of-living adjustment (COLA) process and modifications to the formulas for calculating initial benefits for higher-income beneficiaries. Changes to the age for maximizing benefits are included in AMAC’s position, along with (1) an increase in the thresholds where benefits are subject to income tax; (2) indexing of these thresholds annually to account for inflation; (3) changing the taxable maximum formula to address the unintended loss of revenue; (4) improving survivor benefits, (5) eliminating the reduction in benefits for those choosing to work before full retirement age; and (6) improving savings tools for future retirees, including a savings account that builds estate value. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade. See AMAC’s proposal for Social Security reform here.