Fixing Social Security Must Be Bipartisan

Statement

The House Budget Committee today held a hearing on retirement security, exploring solutions to help all Americans save and plan for their future. Members on both sides of the aisle agreed that addressing the challenges facing Social Security, a program created decades ago to help prevent seniors from falling into poverty, is critical to strengthening retirement security for seniors today and generations to come.

As Ranking Member Steve Womack (R-AR) remarked in his opening statement:

"As more Americans become eligible for Social Security benefits, and as Americans live longer, fewer Americans are entering the workforce and paying into the program. Over time, that means the money Social Security spends on benefits will outpace the revenue it brings in through payroll taxes."

Noting that every significant reform to the Social Security program has been bipartisan, the Ranking Member added:

"I am committed to working together to uphold the history of bipartisan Social Security reforms."

Rep. Chris Stewart (R-UT) agreed that bipartisanship will be essential in solving this problem, stating:

"There's still time to fix it and we can do it without impacting retirees now, without those who are relying on it now. … But it needs to be done on a bipartisan basis."

Members also discussed how continuing to promote policies that foster economic growth will strengthen retirement security for Americans.

Ranking Member Womack reiterated that today's stronger economy is helping Americans of all walks of life, including those in or near retirement:

"With more jobs, record-low unemployment, record-high wage gains, and a growing economy, workers and families are able to save and invest more for their future."

Rep. Bill Flores (R-TX) echoed the sentiment, noting:

"The last quarter's wage growth was up 3.2 percent. … The tax cuts, the economic reforms that we proposed are truly lifting all boats and reducing the income inequality."

Examining specific proposals, Ranking Member Womack added:

"One thing is certain -- punishing today's workers and job creators with enormous tax hikes is not a solution. That approach would drag down our economy and penalize Americans for working hard, hurting millennials and small business employees the most."

House Budget Republicans will continue to look for bipartisan solutions that preserve and strengthen Social Security for today's seniors and future generations, while also promoting policies that help Americans at all stages of life save for retirement.

Source