U.S. Rep. Randy Feenstra (R-IA) led legislation that would make a simple, yet important change to how the federal government conveys the long-term solvency of Social Security.
“Instead of sticking our heads in the sand and pretending that Social Security remains in strong financial health, my bill will make this crisis front-page news for lawmakers and the American people alike,” Rep. Feenstra said on Tuesday. “I will continue to work to ensure that our seniors and workers receive the benefits that they deserve while strengthening our nation’s fiscal foundation.”
The congressman on Dec. 19, 2023, led 21 Republican original cosponsors in introducing the Save Our Seniors Act, H.R. 6853, which would require the nonpartisan Congressional Budget Office (CBO) to include a projection of its financial health in its annual 10-year economic outlook, according to a bill summary provided by Rep. Feenstra’s staff.
If enacted, the bill would ensure that an easy-to-understand graph depicting the actual outlook for the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund is included in the CBO’s 10-year economic outlook, the summary says.
“Our seniors deserve to receive the Social Security benefits that they have earned after a lifetime of hard work and sacrifice. However, thanks to reckless government spending and elevated interest rates, recent reports project that the Social Security trust fund could run out of money in less than a decade,” said Rep. Feenstra. “This is not only alarming for folks who rely on their Social Security check, but also absolutely unacceptable for lawmakers who choose to ignore this looming crisis.”
Similar graphs exist in other Social Security related reports, but not in a document as widely viewed as the CBO’s outlook, which is used by members of Congress and economists to get a detailed look at the health of the nation’s economy and the federal budget, according to the summary.
Among the members who signed on as original cosponsors of H.R. 6853 are U.S. Reps. Don Bacon (R-NE), Buddy Carter (R-GA), Stephanie Bice (R-OK), and Mike Carey (R-OH). U.S. Rep. Lloyd Smucker (R-PA) on Jan. 17 signed on as a cosponsor.