The main trust fund that funds Social Security, the government announced back at the end of August, will be dissipated by 2034, one year earlier than previously projected. At that point, unless Congress makes changes to how the popular program is funded, benefits will likely be reduced.

Now, there’s a plan before Congress to help put the program on a more solid financial footing. It’s called Social Security 2100, and it was introduced earlier this fall by Rep. John Larson (D-Conn.). Larson is the chairman of the House Ways and Means subcommittee on Social Security. 

The Act, if enacted, “cuts taxes, strengthens benefits, [and] ensures Social Security through this century,” according to Larson’s website. A version of the bill has been around for several years, but it’s gotten more attention this year, especially after the announcement of the earlier dissipation date.  

The bill would work like this: current and new beneficiaries would receive a benefit bump, while the cost-of-living adjustment (COLA) formula would be changed to the CPI-E formula. The new minimum benefit would be set 25 percent above the poverty line. In addition, the bill would “have millionaires and billionaires pay the same rate as everyone else” while establishing a new Social Security Trust Fund and extending the depletion date to 2038, therefore “giving Congress more time to ensure long term solvency of the Trust Funds.” 

“Social Security 2100: A Sacred Trust combines the best of the previous year’s Social Security 2100 Act with President Biden’s proposals to expand benefits and strengthen Social Security,” Rep. Larson said in a statement when the bill was introduced in October.  

“After a lifetime of work, every American deserves the dignity of a secure and fulfilling retirement,”  Rep. Matt Cartwright (D-Penn.). “But Social Security hasn’t been improved in 50 years, and as a result, millions of seniors receive poverty-level checks each month. It’s unacceptable. Social Security 2100 will boost social security benefits, update the cost-of-living adjustment that has failed to keep pace with seniors’ expenses, and ensure benefits can be paid for years to come.” 

It is unclear how likely it is for the bill to be enacted this year, as it doesn’t appear to have been endorsed by the president or congressional leadership.  

Stephen Silver, a technology writer for the National Interest, is a journalist, essayist and film critic, who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver. 

 Image: Reuters