Senate Hearing on Social Security Solvency and Benefits
2022-06-09T16:21:22-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvN2RmXC8wMDFcLzE2NTQ4MDk1OTBfMDAxLmpwZyIsImVkaXRzIjp7InJlc2l6ZSI6eyJmaXQiOiJjb3ZlciIsImhlaWdodCI6NTA2fX19The Senate Budget Committee questioned think tank executives and other professionals at a hearing on preserving Social Security. Some senators and witnesses argued that the tax code needs to be fairer and that the wealthiest Americans need to pay more into the system, while others argued that Social Security needs to be on more secure financial ground before expanding benefits. Stephen Goss, the chief actuary of the Social Security Administration, also gave his recommendations, saying that by 2035 revenue to the program needs to increase by about one-third; and/or benefits need to be reduced by about one-fourth. Committee Chair Bernie Sanders (I-VT) introduced legislation in 2019, the Social Security Expansion Act, which is intended to enhance benefits and ensure solvency of the program.
The Senate Budget Committee questioned think tank executives and other professionals at a hearing on preserving Social Security. Some… read more
The Senate Budget Committee questioned think tank executives and other professionals at a hearing on preserving Social Security. Some senators and witnesses argued that the tax code needs to be fairer and that the wealthiest Americans need to pay more into the system, while others argued that Social Security needs to be on more secure financial ground before expanding benefits. Stephen Goss, the chief actuary of the Social Security Administration, also gave his recommendations, saying that by 2035 revenue to the program needs to increase by about one-third; and/or benefits need to be reduced by about one-fourth. Committee Chair Bernie Sanders (I-VT) introduced legislation in 2019, the Social Security Expansion Act, which is intended to enhance benefits and ensure solvency of the program. close
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