Bill Overview
Title: Bipartisan Social Security Commission Act of 2022
Description: This bill establishes a temporary commission within the legislative branch to address the solvency of the two Social Security trust funds. The commission shall issue a report to Congress with recommendations and proposed legislation to ensure the solvency of the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund for at least 75 years. Congress shall consider the proposed legislation under expedited procedures provided for in the bill.
Sponsors: Rep. Cole, Tom [R-OK-4]
Target Audience
Population: Social Security beneficiaries and contributors
Estimated Size: 244000000
- Social Security is a program that affects a large portion of the population, especially seniors, survivors, and disabled individuals.
- In 2023, there are approximately 66 million Social Security beneficiaries.
- The solvency of the Social Security trust funds affects current and future beneficiaries. Future beneficiaries include current workers paying into the system, who expect benefits upon retirement.
- Global population aging trends suggest a growing number of individuals will depend on social security-like programs in various countries, but primarily in the U.S. for this context.
Reasoning
- The Social Security system affects a wide range of individuals across the United States, including current retirees, disabled individuals, and those who are survivors of beneficiaries.
- Future potential beneficiaries are also affected, as they are contributors to the system who may rely on it upon retirement or in the event of disability.
- Given the widespread reach of Social Security, different demographics, including age, occupation, and location, will experience varying impacts based on how the system changes.
- The policy in question seeks to ensure the solvency of the Social Security funds, which directly influences the perception and actual security of future benefits for a broad section of the population.
- With a budget constraint, implementing changes will need to address solvency primarily through legislative adjustments that people feel connected to or distant from, impacting their wellbeing and perception.
- We focus on a diverse range of interviewees to capture the variance in perspective and perceived impact based on demographic factors like age, occupation, and current dependency on Social Security benefits.
Simulated Interviews
Retired teacher (Florida)
Age: 67 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 15/20
Statement of Opinion:
- I'm glad the government is looking into making sure Social Security stays solvent.
- It's my main source of income, so any changes can have a big impact on my financial security.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 6 |
Software engineer (California)
Age: 45 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 20.0 years
Commonness: 12/20
Statement of Opinion:
- Ensuring Social Security's longevity is important, but I hope it doesn't mean higher taxes.
- I feel secure for now, but I am concerned about the future.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 5 |
Freelance writer (New York)
Age: 30 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 10/20
Statement of Opinion:
- I think it's necessary to secure Social Security for the future.
- I'm skeptical about whether the changes will benefit my generation.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 8 | 4 |
Nurse (Ohio)
Age: 58 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 15.0 years
Commonness: 16/20
Statement of Opinion:
- I hope they don't change the benefits too much at this point in my life.
- It's important to keep the system solvent, but it shouldn't be at the expense of current retirees.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
Self-employed contractor (Texas)
Age: 40 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 12/20
Statement of Opinion:
- If they secure the future of benefits, that'd be peace of mind for me.
- I hope this commission really brings some positive changes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Retired (Arizona)
Age: 85 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 13/20
Statement of Opinion:
- Any reduction in benefits would seriously hurt my ability to get by.
- I'm relieved steps are being taken to protect benefits, but they need to follow through.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 6 | 4 |
| Year 10 | 6 | 3 |
| Year 20 | 6 | 3 |
Tech project manager (Washington)
Age: 33 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 14/20
Statement of Opinion:
- It's important to address Social Security solvency, but I don't see its immediate impact.
- I hope these changes help me by the time I retire.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 5 |
Factory worker (Illinois)
Age: 55 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 15.0 years
Commonness: 11/20
Statement of Opinion:
- I really hope this commission can protect our benefits, I depend on it.
- I'm quite anxious about the future.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 4 |
Teacher (Georgia)
Age: 29 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 13/20
Statement of Opinion:
- I support any action that ensures the future of social programs like Social Security.
- I feel confident about the changes as long as they focus on long-term benefits.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 8 | 5 |
Retired nurse (Pennsylvania)
Age: 75 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 14/20
Statement of Opinion:
- I find it reassuring that they're looking into Social Security's future.
- My concern is that any changes might reduce my already tight income.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 7 | 4 |
| Year 20 | 7 | 3 |
Cost Estimates
Year 1: $5000000 (Low: $3000000, High: $7000000)
Year 2: $5000000 (Low: $3000000, High: $7000000)
Year 3: $0 (Low: $0, High: $0)
Year 5: $0 (Low: $0, High: $0)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The cost of operating the commission is relatively minor in comparison to the Social Security budget.
- Successfully ensuring the trust funds' solvency could yield significant financial stability for future generations.
- The commission's recommendations could lead to substantial legislative reforms.