Social Security turned 84 years old this week, but the fund is scheduled to run out of money in just 16 years.
U.S. lawmakers on both sides of the aisle recognize that time is running out. But they haven’t been able to agree on legislation that will bolster the trust fund.
New York Congressman Tom Suozzi co-sponsors the Social Security 2100 Act. The bill would increase benefits, as well as contributions from employers and workers. He spoke at a House Ways and Means Committee hearing on the bill.
“The reality is we either got to increase the revenues, or decrease the expenses. And that’s hard to do. But we’re all committed. We all love America. We all love senior citizens. We’ve all been on the campaign trail and said, ‘Social Security is one of the most important benefits in the entire United States of America and we need to fix it.’”
Only 211 Democrats have backed the Social Security expansion — no Republicans.
Congress has not passed a new expansion for Social Security since 1972.
