Lawmakers plan to hold a series of hearings to examine H.R. 1902, The Social Security 2100 Act, to figure out how the bill could prevent the Social Security Trust Fund from going bust by 2034, as projected in the just-released 2018 trustees’ report.
The bill, introduced last April, would increase both benefits and the payroll taxes that fund them and would change the way cost-of-living adjustments are calculated.
When asked whether the bill strengthens the Social Security Trust Fund so that it is financially sound throughout the 75-year projection, Social Security’s chief actuary, Stephen Goss, replied during a hearing held Thursday by the House Ways and Means Social Security Subcommittee that “indeed it does.”
Rep. Bill Pascrell, D-N.J., stated that H.R. 1902 “would raise benefits,” adding that a series of “good hearings down the road” would be held on the legislation. “I can’t support any program that would cut benefits in order to solve the problem.”