Originally published by The National Interest–
For the last several years, Democratic Congressman John Larson (D-CT) has been on a quest to save Social Security. Called Social Security 2100, the plan has nearly two hundred co-sponsors across both houses of Congress.
The latest version of the bill, which is different from how it looked in past years, would offer an improved benefit to current and new beneficiaries while dropping the current cost-of-living adjustment (COLA) formula and switching to the CPI-E formula. It would also put the new minimum benefit about twenty-five percent over the poverty line while raising taxes on high-wage earners. President Joe Biden has not specifically endorsed the bill, but Larson has adjusted it to seek the administration’s support.
Now that Larson is the chairman of the Social Security Subcommittee in the House of Representatives, he held a hearing earlier this month on the proposal, especially in light of the news earlier this fall that the main Social Security trust fund will run out in 2033, a year earlier than originally thought. At that point, benefits will need to be reduced, unless some action is taken by Congress to shore up the fund.