The House Wants To Save Social Security But May Destroy It In The Process

A recent draft of a budget resolution from the U.S. House Of Representatives demands that the president and congress act to secure the solvency of the Social Security trust funds. The resolution does not really say how that would be accomplished, but there are generally two ways to do this – cut benefits or increase taxes. Considering this is Republican budget resolution, don’t expect any increase of taxes. Below is a complete draft of the resolution that deals with Social Security.

(b) POLICY ON SOCIAL SECURITY. — It is the policy of this concurrent resolution that the House should work in a bipartisan manner to make Social Security solvent on a sustainable basis. This concurrent resolution assumes, under a reform trigger, that —

(1) if in any year the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund annual Trustees Report determines that the 75-year actuarial balance of the Social Security Trust Funds is in deficit, and the annual balance of the Social Security Trust Funds in the 75th year is in deficit, the Board of Trustees should, no later than September 30 of the same calendar year, submit to the President recommendations for statutory reforms necessary to achieve a 75-year actuarial balance and a positive annual balance in the 75th year, and any recommendations provided to the President must be agreed upon by both Public Trustees of the Board of Trustees;

(2) not later than December 1 of the same calendar year in which the Board of Trustees submit its recommendations, the President should promptly submit implementing legislation to both Houses of Congress including recommendations necessary to achieve a positive 75-year actuarial balance and a positive annual balance in the 75th year, and the majority leader of the Senate and the majority leader of the House should introduce the President’s legislation upon receipt;

(3) within 60 days of the President submitting legislation, the committees of jurisdiction should report a bill, which the House or Senate should consider under expedited procedures; and

(4) legislation submitted by the President should —

(A) protect those in or near retirement;

(B) preserve the safety net for those who count on Social Security the most, including those with disabilities and survivors;

(C) improve fairness for participants;

(D) reduce the burden on and provide certainty for future generations; and

(E) secure the future of the Disability Insurance program while addressing the needs of those with disabilities today and improving the determination process.

(c) POLICY ON DISABILITY INSURANCE. — It is the policy of this concurrent resolution that the House should consider legislation on a bipartisan basis to reform the Disability Insurance program prior to its insolvency in 2028 and should not raid the Social Security retirement system without reforms to the Disability Insurance system. This concurrent resolution assumes reform that—

(1) promotes opportunity for those trying to return to work;

(2) ensures benefits continue to be paid to individuals with disabilities and their family members who rely on them;

(3) prevents a 7 percent across-the-board benefit cut;