Oklahoma Republican Congressman Tom Cole has said that the U.S. needs to have "serious discussions" about Social Security as concerns over its viability continue to hover in policy discussions, with experts saying funds for the program may be exhausted in a decade.
Cole pointed out that over the next three decades, Social Security will have to confront a deficit of $19 trillion. Experts within the Social Security Administration have suggested that without reforms to the program by 2033, the $2.8-trillion fund will deplete its reserves.
"If we are truly going to produce a balanced budget, which we should be striving to do, we need to be having serious discussions about these entitlement programs, which make up approximately 60 percent of all spending," Cole wrote in a note he published on his congressional website.
A suggestion by the Oklahoma Republican is the introduction of the Bipartisan Social Security Commission Act, which aims to form a 13-person commission to be formed with input from the president and leaders in Congress that will be tasked with providing recommendations over what to do with Social Security.
"Within one year of its first meeting, the commission would have to report to Congress with a proposal to ensure Social Security's trust funds are solvent for the next 75 years," Cole said. "This proposal would have to be made with the support of commission members, and then the proposal would receive expedited consideration in Congress for a vote."
Newsweek contacted Rep. Cole's office for comment via email on Wednesday.
Cole said in his note that he is against cuts to Social Security, but suggested that doing nothing will lead to a drop in what American retirees will receive from the fund in the future.
"I want to be clear—I do not want to cut Social Security. I want to prevent the very real cuts that are coming in a decade from now, while at the same time help save us from the catastrophic debt crisis our nation is facing," he wrote.
Cole argued that without effort to change the current trajectory, "beneficiaries will only receive 77 cents on every dollar they are due. In conclusion, this would cut $391 from the average retired American's $1,700 check."
The Oklahoma legislator first introduced the bill to establish the commission in January 2023. He suggested in this week's note that political debates should not color how policymakers approach the issue.
"We are at a critical point in time. If we ignore the very real, scheduled cuts that are coming, beneficiaries will actually see the cuts," he wrote. "I do not want to eliminate this program that is so crucial to the livelihoods of retired Americans, but we must move forward on addressing this issue."
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Omar Mohammed is a Newsweek reporter based in the Greater Boston area. His focus is reporting on the Economy and ... Read more
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