As a battle brews in Washington over the future of Social Security, retirees who just won a years-long fight for their pension benefits are looking to an even bigger challenge: Protecting the program that provides monthly income to 65 million people.
As a battle brews in Washington over the future of Social Security, retirees who just won a years-long fight for their pension benefits are looking to an even bigger challenge: Protecting the program that provides steady monthly income to roughly 65 million people.
In early December, Stribling introduced President Joe Biden at a White House event announcing a $36 billion bailout of the Central States, Southeast and Southwest Areas Pension Fund, one of the largest and most underfunded multiemployer pension plans. A few days later, he was back at his part-time job driving a courtesy shuttle for a Milwaukee car dealership — and contemplating Social Security’s future.
While many lawmakers of both parties have long agreed that something should be done about Social Security, momentum has been lacking, because any major changes to the popular program could trigger a voter rebellion.
The high-stakes debate on the debt limit promises to be particularly precarious in 2023, some Capitol Hill veterans say. With the Republican majority the next session of the House of Representatives amounting to just a handful of votes, the speaker will depend on the “most extreme elements in their party just to stay in power,” said Thomas Kahn, the House Budget Committee’s Democratic staff director from 1997 to 2016, who now teaches at American University.
Another plan that raised alarm among retirement-security advocates was put forward this year by Florida Republican Sen. Rick Scott, who suggested that all federal legislation — which would include Social Security legislation — should sunset in five years. “If a law is worth keeping, Congress can pass it again,” the report said.
“It would be a shame to let this organization just evaporate,” said Jack Palush, a retired truck driver in North Royalton, Ohio, and advisory board member for the pension group. Given the group’s extensive contacts in Congress, he said, “we established a brand of our own in D.C.”
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