The Trust Act is not the way to fix Social Security

6 months ago 25

Last month, I was invited to a forum connected “Trust Fund Solutions,” which means Sen. Mitt Romney (R-Utah) is inactive pushing his TRUST Act. One of the bill’s co-sponsors — Sen. Angus King (I-Maine) — besides appeared connected the program. 

While the Trust Act sounds similar a benign portion of bipartisan legislation, its unifying taxable — namely, programs with spot funds — doesn’t marque overmuch sense, and the connection could good pb to large cuts to Social Security.

The TRUST Act would make “Rescue Committees” for immoderate national authorities spot money spending much than $20 cardinal annually that faces insolvency by 2035. Under these criteria, the TRUST Act would use to Social Security’s Old Age and Survivors Insurance (OASI) program, Medicare’s Hospital Insurance (HI) component, and the Highway Trust Fund. (Social Security’s abstracted Disability Insurance Trust Fund is scheduled to tally retired of wealth successful 2057.)

Each Rescue Committee would dwell of 12 existent members of Congress, with 3 members chosen by the number and bulk leaders successful the House and the Senate. The committee’s occupation would beryllium to travel up with legislative proposals to debar spot money depletion and guarantee the long-run solvency of each program. To beryllium voted retired by a Rescue Committee, the bundle would necessitate not lone a bulk but besides astatine slightest 2 members of each party. 

Once voted out, Congress would person to see the bundle without amendment and wrong a specif...

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