TOPEKA, Kan. (WIBW) – As a recent report indicates that social security will be exhausted by 2034, Congressman Jake LaTurner has helped introduce a bill to ensure that goods are distributed to future generations.
LaTurner said the legislation would take much-needed action to address the long-term financial stability of social security.
“Hard-working Kansans contribute to social security throughout their working lives with the understanding that they will be able to rely on these benefits in the future,” LaTurner said. “Unfortunately, social security is in serious danger and if we do not intervene, the program will soon lack the necessary funding to pay retirees their full benefits. I am proud to join Rep. Cole in introducing this legislation that focuses on common sense solutions to modernize social security and ensure that Americans receive the benefits they have rightfully earned in the coming decades. “
That Social Security and Medicare Boards of Trustees 2021 Annual Report indicates with lack of policy changes that Social Security’s combined trust funds will be exhausted by 2034.
LaTurnerr, modeled after the Social Security Commission of 1983, said the bill would create a two-chamber and two-party commission, chaired by a presidential nominee, to ensure social security is fully funded for each generation.
Specifically, LaTurner said the bill would create a 13-member commission – the Commission for Long-Term Social Security Solvency – with 12 members appointed by leadership from both parties in Parliament and the Senate – three appointed from each party leader in each chamber. Two of the congressional nominees must be non-elected experts.
LaTurner said the commission would be headed by the 13th nominee, appointed by the president. This nominee means that the president’s party would nominate seven members and the other party would have six.
Within the first year after the meeting, the bill would require the Commission to report to Congress on the 75-year health of social security and make recommendations on how to ensure that the program remains solvent. The report must have a minimum of nine votes to ensure a two-party consensus.
LaTurner said legislation based on the commission’s plan would then be expedited through Congress for an up or down vote.
To read the full text of the bill, click HERE.
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