AARP Strongly Objects to a New Social Security Proposal in Congress

Millions of Americans depend on monthly Social Security benefits as part of their retirement plan, but the future of Social Security is currently uncertain. Lawmakers have proposed several solutions to address Social Security's approaching insolvency, but AARP is speaking out against one of those proposed solutions. AARP, a nonpartisan advocacy group for older Americans, warns against fast-tracking the solutions for Social Security, suggesting a more deliberate and traditional approach may be best.

As discussions about solutions for Social Security heat up, AARP feels one potential solution might do more harm than good.

Understanding the PROMISE Act

AARP's warnings refer to the bipartisan Protecting Retirement Opportunities and Maintaining Income Security for Everyone, or PROMISE Act, introduced by lawmakers including Senator Dick Durbin and Senator Bill Cassidy.

The PROMISE Act outlines a procedure designed to prompt Congress to take action in implementing a solution to Social Security's approaching trust fund insolvency, which is projected to occur in the fourth quarter of 2032. If the trust fund becomes insolvent, benefits may have to be automatically reduced for all recipients.

The PROMISE Act would require the Social Security Advisory Board to create a bill to keep Social Security's trust funds solvent for at least 50 years. The PROMISE Act also includes specifications on how the bill would move through Congress, including establishing tight deadlines, limiting amendments, and automatically pushing the legislation to the floor if the committees do not take action.

AARP's response to the PROMISE Act

On July 21, AARP Executive Vice President and Chief Advocacy and Engagement Officer Nancy LeaMond sent a letter to Senators Dick Durbin and Bill Cassidy. The letter acknowledged the importance of protecting Social Security, since 71 million Americans currently receive benefits.

"We agree with you that Congress needs to act to address Social Security's financial challenges and to strengthen Social Security for generations to come," wrote LeaMond. "But how Congress acts matters."

The issue of fast-tracking a Social Security solution

LeaMond explains that AARP strongly objects to "fast-tracking Social Security changes through Congress," as the PROMISE Act proposes. "Strengthening Social Security should happen through regular order, in full public view, with openness and transparency," she writes.

She goes on to explain that the legislation requires the Advisory Board to create a solvency plan in just over a month; the schedule leaves little time for deliberation, and it limits public input. "If they are unsuccessful, any two members of Congress could force votes on their plans in just a few weeks," LeaMond writes.

The problem with the vote's timing under the PROMISE Act

LeaMond adds that members wouldn't be able to amend other members' plans once the plans are filed, and the timing of the bill debate also poses problems. "The bill would then be set up fast-tracked floor debates in the lame-duck session of Congress, just after the November elections, when departing Members are completely unaccountable to voters," she writes.

Historical precedent for Social Security reforms

Fast-tracking Social Security reform isn't historically necessary, LeaMond argues, noting that in the early 1980s, Congress reviewed and voted through a package of changes under its regular procedures. Additionally, those changes faced extensive debate, and Congress held over 100 floor votes on amendments.

LeaMond's argument centers on her belief that Social Security is such an important program that it deserves a traditional reform process that allows for full debate and scrutiny, not an accelerated process that could limit scrutiny of proposals that might result in program cuts.

The bill sponsors' perspectives

In a July speech on the Senate floor, Cassidy highlighted the urgency of addressing Social Security's insolvency, noting that fixing Social Security gets harder every year. If Congress doesn't act, then over time, Congress needs to raise even more funds or implement even more tax hikes to fix the problem.

He added that if Congress doesn't address Social Security, then Congress is being irresponsible, since Social Security drives up the national debt, and cutting benefits by 28% could double poverty rates among the elderly.

Michele Stockwell, President of the Bipartisan Policy Center Action, has also spoken out in support of the PROMISE Act. "Congress cannot remain gridlocked," she said. She explained that the bill could create a "serious bipartisan process to break the status quo of inaction."

Bottom line

According to AARP, fast-tracking Social Security debate could result in a less transparent process, suggesting beneficiaries may have less ability to weigh in on Congressional decisions that could significantly impact their lives. At this time, the PROMISE Act has only been proposed and has not been voted into law.

While legislators have proposed numerous ideas to address Social Security's insolvency, Congress has yet to act on any of those proposed ideas, meaning the program's future is still uncertain. It may be a good idea to revisit your retirement plan and test out your budget using a lower Social Security benefit amount, just in case benefits should be reduced.

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