Inside Sources: Bipartisan talks begins on solutions for Social Security

SALT LAKE CITY — For many Americans, Social Security and its future is a growing concern. And lawmakers are sensing those concerns.

A bipartisan group of senators, including Mitt Romney (R-Utah) have begun discussing possible changes to Social Security. 

Aris Folley, a congressional reporter for The Hill, joined Inside Sources with Boyd Matheson on Tuesday to discuss what changes lawmakers may be considering.

Matheson asked, “What is some of that slow behind slow behind the scenes work that hopefully is starting to take shape?”

Folley said not a lot of details have come out about what the senators are working on.

“What we are seeing is a bipartisan effort in the Senate among lawmakers to try and hash out a potential framework for a plan to extend solvency for Social Security,” she said. 

Folley said there have been some discussions on retirement age and the taxable wage cap. 

“Those are ideas that have kind of been around for a while,” she said. “And can be very hard, especially in a Congress where one party leads control of both chambers.”

Report: Social Security could run out of money by 2033

A report from the Congressional Budget Office says Social Security could be out of money by 2033. Matheson says lawmakers will have to get a little more creative than discussing things that have been around for a while. 

He asked, “What are some of the more unique things that are at least being floated out there?”

Folley says she has been hearing of conversations centered around a sovereign wealth fund. However, she says some senators have taken issue with that terminology. Instead, those senators refer to it as an investment fund that work in the same way as railway retirement fund. 

She says there are other things also being discussed, but it’s early in the process.

“I think they’re still working out the kinks right now,” Folley said.

According to Folley, Romney says a bill could be out later this year. 

Given the current political environment, however, Folley questions if the bill would even pass or even be brought to the floor.

“There are some lawmakers who think it might be better to kind of put this off until after the 2024 cycle,” Folley said. “And we’re a little bit closer to that deadline and there’s more pressure on Congress to act.”

 

Inside Sources with Boyd Matheson can be heard weekdays from 1 p.m. to 3 p.m. on KSL NewsRadio. Users can also find the show on the KSL NewsRadio website and app. 

Read more:

• Could Romney’s bill save Social Security and Medicare?
• Social security will get a bump due to inflation

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