Senators are considering raising the retirement age to 70 and are looking at a $1.5 trillion investment fund to overhaul Social Security and stop funds running out by 2032
- A group of bipartisan senators is quietly meeting to retool Social Security before funds run out in 2032
- On the table, according to Semafor, is gradually raising the retirement age to 70 and creating a $1.5 trillion sovereign wealth fund, which would invest in stocks
- Leading the efforts are Sens. Bill Cassidy, a Louisiana Republican, and Angus King, a Maine independent who caucuses with the Democrats
(Editors Note: The We the People Convention strongly supports common sense business discussions about how to change Social Security to accomodate for our longer life spans and shrinking tax paying workforce. Anyone, like Joe Biden, who tries to politicize this critical issue for political gain by saying one side or the other "wants to cut" your Social Security is nothing but a FEAR MONGER and any senior who fall for such destructive retoric is a fool. The FACTS ARE that if we don't FIX Social Security NOW millions of seniors will see drastic cuts in 2033 when the system runs short of funds! Doing Nothing is a CUT! Fixing it is NOT A CUT!)
By Nikki Schwab, The Daily Mail.com, March 1, 2023
A group of bipartisan senators is quietly meeting to retool Social Security before funds run out in 2032.
On the table, according to Semafor, is gradually raising the retirement age to 70 and creating a $1.5 trillion sovereign wealth fund, which would invest in stocks.
That fund would be separate from the already existing Social Security Trust Fund. If it underperformed, Social Security would be shored up by increasing the maximum taxable income and payroll taxes.
Leading the efforts are Sens. Bill Cassidy, a Louisiana Republican, and Angus King, a Maine independent who caucuses with the Democrats.
Semafor and The Hill newspaper reported that other Republicans involved are Sens. John Cornyn, Mitt Romney and Mike Rounds.
