Saving Social Security and Medicare
 Senator Feinstein speaks at a news conference in February 2007 introducing introduce the Social Security and Medicare Solvency Commission Act.
Today, half of all American workers receive no retirement or pension benefits from their employers. All they have is Social Security, and its trustees predict it will begin drying up in 2040 if no changes in its structure are made. Medicare is in worse shape. Its trustees predict expenditures will outstrip assets in 2012, and that the fund will run dry by 2018.
Our bill, the Social Security and Medicare Solvency Commission Act, would create a permanent, 15-member commission to make recommendations and creating legislation to ensure the solvency of both Social Security and Medicare. In developing the recommendations, the independent commission would also be required to conduct public hearings around the country.
Here’s how it would work:
- There would be 15 members who would be selected for their expertise in finance and actuarial science.
- Members would be selected under a strict bipartisan formula: Seven would come from the majority party, seven from the minority party, and one from an independent, nonaffiliated party.
- Public hearings would be required around the country.
- The commission would made recommendations to the president and Congress one year after formation, and every five years thereafter.
- Its recommendations would be based on independent, actuarial reviews.
- The commission would make recommendations only when two-thirds, or 10 members, are in agreement.
- The legislation contains provisions designed to ensure that the commission’s recommendations are not a dead letter.
- Senate and House committees of jurisdiction would have 60 days to discharge commission-recommended legislation, or an amended version of the bill.
- The Senate and House would have 30 days to consider whatever measure emerges from committee, with relevant amendments allowed. Debate would be limited to 40 hours.
It is imperative that we act now by creating a permanent, bipartisan Entitlement Commission that can study these entitlement programs, and make the necessary recommendations in an environment free of partisan rancor.
If we fail to act, it will threaten our economy, saddle future generations with a crushing debt burden and put the retirement and medical care of millions of Americans at risk.
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