Hoosier State Today

U.S. Senator Todd Young has expressed his disapproval of the Social Security Fairness Act, citing concerns over its potential impact on the Social Security Trust Fund's solvency. The Indiana senator voted against the bill, arguing that it was passed without adequate committee discussion in Congress.

"This legislation bypassed the typical committee processes in Congress that would have allowed us to have a more thoughtful conversation about how to balance addressing the disparate treatment of certain Social Security beneficiaries with the long-term solvency of the program," said Senator Young. He described the bill as "a rushed and fiscally irresponsible" measure that could expedite the depletion of funds already projected to run out by 2034.

During Senate deliberations, Young supported an amendment proposed by Senator Ted Cruz, which aimed to address financial concerns in a more sustainable way. "I voted for an amendment offered by Senator Cruz that would have addressed this issue in a more fiscally sound manner, and I am disappointed the Senate didn’t support that reasonable approach," Young stated.

The Social Security Fairness Act seeks to eliminate measures such as the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), designed to ensure benefits align with contributions made into Social Security. According to projections from both the Congressional Budget Office and Committee for a Responsible Federal Budget, these changes could accelerate insolvency by at least six months and cost nearly $200 billion over ten years. Furthermore, it is estimated that this could lead to $25,000 in lifetime benefit cuts for couples retiring around 2033.

Senator Cruz's amendment suggested increasing monthly payments for those impacted by WEP by $100-$150 while recalculating future retirees' benefits based on career-long earnings. However, this proposal did not pass.