A bipartisan group of senators introduced the PROMISE Act to address a projected 2032 funding shortfall in Social Security's retirement trust fund. The legislation creates a mandatory process for the Social Security Advisory Board to draft a solvency plan ensuring at least 50 years of stability. Any resulting proposal must move through committees and requires a three-fifths majority in the Senate and a simple majority in the House to become law.
Editor's Analysis
Missing are the perspectives of Social Security beneficiaries and advocacy groups regarding the potential impact of the solvency plans, as well as critical analysis from economists on the viability of the proposed procedural mechanism.
