U.S. Rep. Reid Ribble (R-WI) joined a group of legislators in introducing a bill on Wednesday that aims to make Social Security viable for the next 75 years.
The Save Our Social Security (SOS) Act outlines the use of revenues, benefit adjustments and increasing the retirement age while preserving early retirement to make Social Security solvent for the foreseeable future.
“Social Security is the single biggest step we have taken to reduce senior poverty, and if we do nothing, seniors will see their benefits cut by 21 percent in 2034,” Ribble said. “The problem gets worse the longer we wait, and I am very proud to be working with a bipartisan group of members to put forth a sensible solution today that will preserve Social Security for generations to come.”
U.S. Reps. Dan Benishek (R-MI), Jim Cooper (D-TN), Cynthia Lummis (R-WY), Scott Rigell (R-VA) and Todd Rokita (R-IN) joined Ribble in introducing the bill.
“Without action, tens of millions of Americans will face a 21 percent across-the-board benefit cut when the Social Security Trust Fund runs dry in 2034,” Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, said. “That means that if you’re 49 today, the fund will run out just as you’re getting ready to retire. And if you are among today’s newest retirees, you’ll see your benefits slashed when you turn 80.”
Margaret Kimbrell, the executive director of No Labels, said that Ribble has put forth a “serious plan” to address one of the country’s most serious issues.
“This is a goal shared by No Labels and Rep. Ribble should be commended for tackling this tough issue head on with a framework that is balanced, credible and deserving of serious discussion within Congress,” Kimbrell said.