 Insider's Report: "TRUST Act" Could Launch Stealth Attack on Social Security
Given that millions of Americans continue to struggle, both financially and physically, from the coronavirus pandemic, the House of Representatives has passed their version of the next coronavirus relief legislation, the "Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act" (H.R. 6800). But instead of taking up the "HEROES Act" in the Senate, Majority Leader Mitch McConnell is working on his own version of a coronavirus relief package. And incredibly, momentum is building to include the "TRUST Act" (S. 2733), a bill introduced by Senator Mitt Romney (UT), which could rig the game and lead to severe cuts to Social Security, as part of the Senate's next pandemic relief bill.
As we've written before, the "TRUST Act" would establish a "Rescue Committee" for Social Security and set up a fast track process that could easily lead to devastating cuts to reduce earned benefits, including a raise in the retirement age, and put older Americans on a pathway toward poverty. We simply cannot afford for Social Security's future to be put in the hands of a select "committee" in Congress.
Yet this threat to our nation's most popular and effective social insurance safety net program continues to gain momentum in both the House and Senate. In fact, a bipartisan group of 60 House members has just released a letter to the House leadership in support of the "TRUST Act." In response, the National Committee has just sent a letter of rebuttal cosigned by other senior advocacy groups demanding that lawmakers oppose this dangerous bill.
As you know, budget deficits are soaring in large part because of the unpaid-for Trump-GOP tax law that primarily benefits the very wealthy. And it's been made worse by the critical need to provide trillions of dollars in economic relief to workers and employers during the coronavirus pandemic. But Social Security, which is funded by payroll contributions from employees and employers, is not to blame for our economic woes — and should not be used to pay for other fiscal priorities.
There is no question that we must pass legislation that addresses Social Security's projected shortfall in 2035 (after which the program could still pay 79% of benefits). But opponents of this program want you to believe the only way to "rescue" it is through harmful cuts and radical changes. That's simply not true!
Instead, the "Social Security 2100 Act" (H.R. 860), which would keep the program solvent for more than 75 years without raising the retirement age or cutting benefits — and would even boost some benefits — would be paid for by requiring the wealthy to pay their fair share into the program and modestly increasing the payroll tax by 1.2% phased in over 24 years (the equivalent of one coffee drink every nine weeks for the average wage earner)!
With budget deficits rising every day and pressure mounting to reduce our government's obligations to retirees and workers, we cannot afford for Senator Romney's bill to gain any traction in the Senate. That's why the National Committee is fighting to expose and stop this harmful proposal before it's included as part of the next coronavirus relief legislation passed by Congress.
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