The Social Security Administration announced last year that it will be unable to pay full Social Security benefits after 2033. As a result, reduced benefits will begin in 2034 unless something is done by Congress. This new estimate is one year earlier than previous forecasts predicted.

The “something" that Congress can do remains a subject of heated debate. Rep. John Larson (D-CT), chairman of the House Ways and Means Social Security Subcommittee, has introduced Social Security 2100: A Sacred Trust. The bill is meant to increase benefits and strengthen the Social Security trust fund. Hearings have been held on the bill, but it’s not clear how much traction it has, and it hasn’t been specifically endorsed by the White House.

Now, a prominent Senator has floated a different approach to shore up Social Security.

Politico reported on Friday that Sen. Joe Manchin (D-WV) supports raising the amount of income that is taxed for Social Security from the current level of $147,000 to $400,000.

"You could raise it to $400,000 overnight ... I've got the will to do it, that's all I can tell you because I've got grandchildren,” Manchin said. “Ten grandchildren. We've got future generations depending on us to the right thing. I'm willing to do a lot of good things on climate too."

Manchin also said that his constituents in West Virginia are more worried about the protection of their existing benefits, as opposed to new benefits they might get.

"You think I don't want dental care, eye care, and hearing and all the things that we'd like to add to [Medicare]? But I've got more people in West Virginia just saying: 'Are you gonna cut what I'm already getting?’,” the West Virginia senator said.

Manchin also called for the Federal Reserve to raise interest rates in order to combat inflation.

Manchin has frequently been in the news since his decision in December to oppose the Build Back Better framework, which had passed the House and included a one-year extension of the expanded child tax credit.

The fate of that bill continues to remain uncertain. While the White House and other Democrats are likely to revive some version of the bill, it will almost certainly be at the mercy of what Manchin agrees to support.

Manchin addressed that in the interview, stating that he would like whatever bill emerges to have support from both parties.

“They're gonna say all Republicans won't vote for this or that. They might not. But I'll guarantee it: They'll participate in the process and a hearing and a markup and you'll get a better product," Manchin argued.

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.