Proposed Action on the Social Security Solvency Issue - Sen. Romney
U.S. Senator Mitt Romney (R-UT), joined by a bicameral group of 16 Senators and House Representatives, introduced the “Time to Rescue United States’ Trusts (TRUST) Act,” outlining its focus to “create a process to rescue the endangered federal trust funds and rein in the national debt.” Designed to identify key trust funds facing insolvency, the bill would establish 12-member bipartisan “Rescue Committees” for each with a mandate to draft legislation to extend long-term solvency and otherwise improve each trust fund program.
The list of key trust funds includes the Combined Social Security Old-Age and Survivors Insurance Trust Fund, the Social Security Disability Insurance Trust Fund, Medicare’s Hospital Insurance (HI) Trust Fund, and the Highway Trust Fund, all of which are facing depletion in the next decade or so, with the Highway Trust Fund closest to the brink of insolvency. The “Rescue Committees” would be charged to generate recommendations no later than 180 days from formation, with any legislation recommended as a result of their deliberations assured expedited consideration in both chambers.
On the Social Security front, time will tell if this proposal will generate corrective action to ward off the impending funding crisis envisioned when the cash reserves are consumed. Rest assured AMAC Action and the AMAC Foundation will be watching this development closely for signs of specific action on Social Security and Medicare. Stay tuned for updates as they become available.