U.S. Rep. Tom Reed (R-NY), ranking member of the U.S. House Ways and Means Social Security Subcommittee, on July 16 released his bipartisan LEAP principles to reform America’s Social Security program.
The LEAP acronym was chosen because Rep. Reed plans to take “a leap of good faith” with Democrats to ensure that Social Security remains solvent for future generations without the imposition of tax increases, according to a statement released by his office.
“With the combined Social Security Trust Funds expected to be exhausted in 2035, the time for Democrats and Republicans to join hands and secure this landmark program is now,” Rep. Reed said. “That is why we are pleased to release our principles for reform.”
The four LEAP principles are: Long-term economic growth by rewarding not penalizing work; Equal treatment for public servants; Act now to protect future generations’ benefits; and Protect the most vulnerable people through focused reforms.
The Social Security reform principles resulted from bipartisan work among subcommittee members, according to the congressman’s office, which added that the program’s last major reform occurred in 1983 between a U.S. House of Representatives controlled by Democrats, and a Republican-controlled U.S. Senate and White House.
“As the youngest of 12, raised by a single mom on a Social Security check and a military death benefit after my father passed away when I was two, I understand what it means to rely on this program,” said Rep. Reed. “It is imperative to protect current beneficiaries as well as ensure Social Security is here for generations and that is what we are doing with these principles.”