WASHINGTON (Nexstar) — Experts say, without changes, by 2035 Social Security won’t be able to pay full benefits.
“What I want, I think most people want, is more than 13 years,” Sen. Bernie Sanders (L-Vt.) said. He believes the change should be increased funding.
“Our job, in my view, is not to cut Social Security. Is not to raise the retirement age as many of my Republican colleagues would have us do,” Sanders said.
Sanders introduced legislation to fully fund Social Security for the next 75 years by raising taxes on high-income individuals.
“If you are a multi-billionaire, you pay the same amount of money into Social Security as someone who makes $147,000 a year,” Sanders said.
But Republican Sen. Lindsey Graham (R-S.C.), believes Sander’s plan will never pass. He argues that raising taxes will not receive bipartisan support.
“We’re going to need more revenue. But if you think taxing the wealthy is going to save Social Security, you’re wrong,” Graham said.
Sen. Mitt Romney (R-Utah) echoed this message and says Sander’s bill will be a non-starter for every Republican in the House and the Senate.
“The idea is to have people come together, Republicans and Democrats, to see if we can find a solution. If we don’t do that, we will not save social security,” Romney said.
Experts say, for the future of Social Security, acting sooner rather than later is the right thing to do.