Ribble Unveils Bipartisan 75-Year Social Security Fix

Washington, DC--U.S. Representatives Reid Ribble (WI-08), Dan Benishek (MI-01), Jim Cooper (TN-05), Cynthia Lummis (WY-At-Large), Scott Rigell (VA-02), and Todd Rokita (IN-04) today introduced the Save Our Social Security (S.O.S.) Act, a balanced and comprehensive bipartisan 75-year fix for Social Security.
 
"Social Security is the single biggest step we have taken to reduce senior poverty, and if we do nothing, seniors will see their benefits cut by 21 percent in 2034," Ribble said.  "The problem gets worse the longer we wait, and I am very proud to be working with a bipartisan group of Members to put forth a sensible solution today that will preserve Social Security for generations to come."

"Rep. Reid Ribble and the co-sponsors of the Save Our Social Security Act deserve huge praise for putting forward a serious and responsible plan to strengthen Social Security. This legislation would protect America’s current and future seniors by restoring the program’s solvency and putting it on a fiscally sustainable path.
Without action, tens of millions of Americans will face a 21 percent across-the-board benefit cut when the Social Security Trust Fund runs dry in 2034. That means that if you’re 49 today, the fund will run out just as you’re getting ready to retire. And if you are among today’s newest retirees, you’ll see your benefits slashed when you turn 80," said Maya MacGuineas, President of Committee for a Responsible Federal Budget.
 
"In this political environment, too many duck hard issues or pander to the masses. But when they handed out the pander gene, Rep. Reid Ribble thankfully took a pass. He continually takes on hard political issues and works to find real solutions. This legislation is just that—it’s balanced, real, and forward thinking," said Jim Kessler, Senior Vice President for Policy at Third Way.
 
"The Concord Coalition congratulates Rep. Reid Ribble and the bipartisan cosponsors of the Save Our Social Security Act for their bold reform plan to greatly improve Social Security’s long-term finances through a sensible mix of phased-in spending cuts and dedicated revenue increases.
This bill is distinguished by courageous common sense and the recognition that any Social Security reform will  require political compromise. Unlike many in Washington, the co-sponsors of this legislation have taken seriously the warnings from the Social Security trustees that the system is not on a sustainable course," said Robert L. Bixby, Executive Director of the Concord Coalition.
 
"Rep. Ribble has offered a serious plan to deal with one of America's most serious challenges: protecting Social Security for generations to come. This is a goal shared by No Labels and Rep. Ribble should be commended for tackling this tough issue head on with a framework that is balanced, credible and deserving of serious discussion within Congress," said Margaret Kimbrell, Executive Director of No Labels.

"At a time when many elected officials shy away from difficult decisions or working with the other political party, Rep. Reid Ribble has put forward a thoughtful, detailed proposal aimed at a bipartisan compromise on Social Security reform," said Andrew Biggs, Resident Scholar at AEI.   
 
The S.O.S. Act uses a combination of revenues, benefit adjustments, and raising the retirement age while preserving early retirement to fill the tremendous funding gap.  You can read more about the bill here or find the full text here. You can also see video of the bill release press conference here.

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