Sec. 516. Policy statement on Social Security
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/bill/115/hconres/71/rh/section-516·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The House finds the following: More than 60 million retirees, individuals with disabilities, and survivors depend on Social Security. Since enactment, Social Security has served as a vital leg of the three-legged stool of retirement security, which includes employer provided pensions as well as personal savings. Lower-income Americans rely on Social Security for a larger proportion of their retirement income. Therefore, reforms should take into consideration the need to protect lower income Americans’ retirement security.
The Social Security Trustees Report has repeatedly recommended that Social Security’s long-term financial challenges be addressed soon. The financial condition of Social Security and the threat to seniors and those receiving Social Security disability benefits becomes more pronounced each year without reform. For example— in 2028, the Disability Insurance Trust Fund will be exhausted and program revenues will be unable to pay scheduled benefits; and with the exhaustion of both the Disability Insurance Trust Fund and the Old-Age and Survivors and Disability Trust Fund in 2035, benefits will be cut by as much as 25 percent across the board, devastating those currently in or near retirement and those who rely on Social Security the most.
The recession and continued low economic growth have exacerbated the looming fiscal crisis facing Social Security. The most recent Congressional Budget Office
(CBO)projections find that Social Security will run cash deficits of more than $1.3 trillion over the next 10 years. The Disability Insurance program provides an essential income safety net for those with disabilities and their families. According to CBO, between 1970 and 2015 the number of disabled workers and their dependent family members receiving disability benefits has increased by more than 300 percent from 2.7 million to over 10.9 million. This increase is not due strictly to population growth or decreases in health. CBO also attributes program growth to changes in demographics and the composition of the labor force as well as Federal policies. In the past, Social Security has been reformed on a bipartisan basis, most notably by the Greenspan Commission , which helped address Social Security shortfalls for more than a generation. Americans deserve action by the President and Congress to preserve and strengthen Social Security to ensure that Social Security remains a critical part of the safety net. It is the policy of this concurrent resolution that the House should work in a bipartisan manner to make Social Security solvent on a sustainable basis. This concurrent resolution assumes, under a reform trigger, that— if in any year the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund annual Trustees Report determines that the 75-year actuarial balance of the Social Security Trust Funds is in deficit, and the annual balance of the Social Security Trust Funds in the 75th year is in deficit, the Board of Trustees should, no later than September 30 of the same calendar year, submit to the President recommendations for statutory reforms necessary to achieve a positive 75-year actuarial balance and a positive annual balance in the 75th year, and any recommendations provided to the President must be agreed upon by both Public Trustees of the Board of Trustees; not later than December 1 of the same calendar year in which the Board of Trustees submit its recommendations, the President should promptly submit implementing legislation to both Houses of Congress including recommendations necessary to achieve a positive 75-year actuarial balance and a positive annual balance in the 75th year, and the majority leader of the Senate and the majority leader of the House should introduce the President’s legislation upon receipt; within 60 days of the President submitting legislation, the committees of jurisdiction should report a bill, which the House or Senate should consider under expedited procedures; and legislation submitted by the President should— protect those in or near retirement; preserve the safety net for those who count on Social Security the most, including those with disabilities and survivors; improve fairness for participants; reduce the burden on and provide certainty for future generations; and secure the future of the Disability Insurance program while addressing the needs of those with disabilities today and improving the determination process. It is the policy of this concurrent resolution that the House should consider legislation on a bipartisan basis to reform the Disability Insurance program prior to its insolvency in 2028 and should not raid the Social Security retirement system without reforms to the Disability Insurance system. This concurrent resolution assumes reform that— promotes opportunity for those trying to return to work; ensures benefits continue to be paid to individuals with disabilities and their family members who rely on them; prevents a 7 percent across-the-board benefit cut; and improves the Disability Insurance program. It is the policy of this concurrent resolution that any legislation the House considers to improve the solvency of the Disability Insurance Trust Fund must also improve the long-term solvency of the combined Old Age and Survivors Disability Insurance Trust Fund.