A bipartisan group of senators introduced the Protecting Retirement Opportunities and Maintaining Income Security for Everyone, or PROMISE Act, to address the looming Social Security shortfall. The Social Security Board of Trustees’ annual report found that Social Security’s retirement trust fund is projected to face a funding shortfall in 2032, a year earlier than last year’s projections.

Background

The proposal comes as Congress has been slow to act on the issue, with lawmakers repeatedly kicking Social Security and Medicare’s troubling math to the next generation. Sen. Dick Durbin, D-Ill., one of the bill’s authors, stated that Congress must act to protect and strengthen the program.

The bill calls for an independent, bipartisan advisory committee to make recommendations to Congress. The committee would guarantee a vote on a solvency plan, aiming to restore Social Security solvency for at least half a century.

Challenges Ahead

Previous efforts to address the issue have been met with resistance, including a 2024 effort to form a federal debt commission that collapsed due to aggressive lobbying. Social Security’s looming funding shortfall is mainly the result of lower projected birth rates, reduced immigration, and reduced trust fund revenue.

Lawmakers have traditionally been skeptical of endorsing tax increases, while others have been critical of calls to raise the age of Social Security eligibility. The PROMISE Act aims to find a bipartisan solution to the issue.

Original reporting: KCCI Des Moines — read the source article.