Social Security Reform
Long-term solvency of the Social Security trust funds is essential to The Senior Citizens League. According to the Social Security Trustees, trust fund reserves will be depleted in less than twenty years, at which point the program will be able to pay out three-quarters of scheduled benefits using tax revenues alone.
The program faces a manageable shortfall, and TSCL urges lawmakers to return the program’s trust funds to 75-year solvency as soon as possible. Taking action in the near future will allow changes to be phased in gradually and with minimal impact on beneficiaries.
The Senior Citizens League has endorsed several small changes to the program, including increasing the payroll tax cap to ensure that the wealthiest Americans contribute to the program more fairly. However, benefit cuts – including reductions in cost-of-living adjustments (COLAs) – for current or future retirees will not be tolerated by The Senior Citizens League.
Legislation like the Social Security 2100 Act or the Social Security Expansion Act would restore the program’s solvency responsibly while strengthening benefits for seniors.