A Critical Look at H.R. 5723 – the Social Security 2100 Act - CATO.org
Contrary to reports from some media outlets (see yesterday’s post on this website), CATO Institute Director of Budget and Entitlement Policy Romina Boccia reports there is definite movement on H.R. 5723, the Social Security 2100 Act proposed last year by Rep. John Larson (D‑CT), with the potential for the bill to hit the House floor prior to the November elections. In a post on cato.org, Ms. Boccia discusses the Act’s intended expansion of Social Security and questions its politically-driven nature.
Of particular note in her post, Ms. Boccia rightfully singles out the short-term nature of the benefit proposals included in the legislation and the apparent surrender of intent to ensure long-term solvency for a program clearly in financial peril. Her article also cites the lack of transparency associated with the temporary nature of the expansion recommendations, as well as the mathematical reality that the Act’s tax provisions are at long-range odds with the “no tax increase for families earning under $400,000” pledge.
Ms. Boccia’s article closes with a reference to a communication from Social Security Chief Actuary Stephen Goss thoroughly detailing how the Act would affect Social Security’s finances in the short run. It’s a trip into the weeds, for sure, and as Ms. Boccia points out, somewhat immaterial given the potential that the short-term changes would reach permanence down the road.
Read Ms. Boccia’s insightful analysis here…