Cole: Congress must address solvency of Social Security now

Legislation sponsored by U.S. Rep. Tom Cole (R-OK) aims to find commonsense solutions that will ensure the long-term survival of the Social Security program.   

Absent policy changes, Social Security’s combined trust funds will be exhausted in 2035, according to the 2022 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.

“The solvency of Social Security is at a critical point, and millions of Americans who have paid into this program throughout their working lives may not receive the money they deserve,” Rep. Cole said on Jan. 12. “It is time for Congress to address this issue in earnest, or these funds will dry up and leave millions of American seniors at risk.” 

For the sixth consecutive Congress, Rep. Cole on Jan. 11 reintroduced the Bipartisan Social Security Commission Act of 2023, H.R. 281, with lead original cosponsor U.S. Rep. Jake LaTurner (R-KS) to establish the Commission on Long-Term Social Security Solvency within the legislative branch. 

If enacted, H.R. 281 would authorize the bicameral, bipartisan commission, which would be modeled after the 1983 Social Security Commission. Rep. Cole’s proposed commission would be chaired by a presidential appointee to ensure that Social Security is fully funded for future decades, according to the congressman’s bill summary.

“I am proud to join Representative LaTurner on the reintroduction of this important legislation and look forward to working with my colleagues on both sides of the aisle to save Social Security,” said Rep. Cole.

Specifically, H.R. 281 would provide for the 13-member Commission on Long-Term Social Security Solvency, with 12 members appointed by leadership from both parties in both houses of Congress. Two of the congressional appointees would have to be non-elected experts, the summary says.

The commission would be chaired by the 13th appointee, who would be named by the president. The summary notes that within one year of its first meeting, the commission must report to Congress on the 75-year health of Social Security and provide recommendations for how to improve the program.

Additionally, the commission’s report must receive a minimum of nine votes to guarantee bipartisan consensus, and legislation based on the commission’s plan then would be fast-tracked in Congress for an up or down vote, according to the bill summary.

Both the U.S. House Rules Committee and the U.S. House Ways and Means Committee are reviewing the proposed measure.