New data and reports from the Committee for a Responsible Federal Budget have shown that if no legislative action is taken soon, Social Security could run out of money as soon as 2032.
Roughly 2.1 million Illinois retirees, or 16.5% of the state population, who receive benefits would be impacted by a statutory cut to benefits if the program goes insolvent, according to Ben Tomchik, vice president of the CRFB.
That cut would result in a newly estimated $507 reduction in benefit payments per month for Illinoisans, based on previous years data.
Tomchik told The Center Square that work to find a solution in Congress needs to happen soon.
Tomchik said the process to finding a solution isn’t new, and lawmakers can look to the last time Social Security faced insolvency, which was in the 1980s under President Ronald Regan.
Two congressmen, U.S. Reps. Tom Cole, R-OK, and Tom Suozzi, D-NY, introduced a resolution last week that would create a commission similar to that of the 1980s.
As for specific solutions a commission may consider, Tomchik said considerations may include raising the cap on how much money Americans pay into the program, a lift to the payroll tax cap, or the limiting of benefits, among others.
Story from Illinois Radio Network
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