It has temporary benefit increases, is greedy on the COLA, and overreaches on revenues
The original Social Security 2100 Act, released in 2019 by Congressman John Larson , then chair of the House Ways and Means Subcommittee on Social Security, was terrific. The legislation retained, and even slightly enhanced, benefits and substantially increased revenues to cover the program’s 75-year deficit.
In 2021, Larson released a new version of the legislation – the Social Security 2100 Act: A Sacred Trust – which reflected two maxims of the current political climate: 1) no tax increases for those earning less than $400,000; and 2) temporary programs will generate impetus for making them permanent.
In July 2023, Larson released a third version of the Social Security 2100 Act. The Social Security actuaries concluded that – with enhancements only for the years 2025-2034 – the legislation would eliminate almost 90% of the program’s 75-year deficit. So, one could characterize the proposed legislation as a serious “down payment” on solving the 75-year problem.
Third, the 2023 legislation proposes to raise about a third of its money by going after irrelevant sources. Specifically, it would apply the 12.4% payroll tax rate to net investment income as defined under the Affordable Care Act. The program will be safer in the long run if its financing sources have a rational link to the goals of the program.
In short, I love the Social Security program and want to see additional funding to finance promised benefits. As a researcher, it would be fun to compare outcomes for people who received enhanced benefits to those who did not. But the 2023 version of the Social Security 2100 Act would create more problems than it solves. Resurrect the original legislation and put it on the table.
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