Lisa Brown, Cathy McMorris Rodgers disagree on Social Security
But lawmakers won't any time soon, Rep.
That may be an area where Democratic challenger
"Making a commitment to the current system is really important," Brown said. "Changing the rules probably would affect people's confidence in the system."
GRAPHIC:
Brown's supporters are claiming that
Although retiring House Speaker
"This budget calls on action to solve this pressing problem by requiring the president, in conjunction with the Social Security Board of trustees, to put forward specific proposals to reform
That budget proposal has not come up for a vote in the House.
Some economists contend that as the federal debt grows each year from a combination of higher deficits and tax cuts, there will be pressure to cut
"There's no proposal on
Brown and
"I see it as a safety net program that we all pay into, and we all benefit from," she said. "It's a multi-generational contract."
It is not, as some people believe, like a savings account into which a person puts money in while he or she is working and gets that money back when they retire, she added.
She also is worried about the solvency of the trust fund over the next two decades, noting "each year we are paying out more in benefits than we are bringing in."
Experts say that has been true since 2010 if one considers only the amount the government collects in taxes and the total amount of benefits paid out. But between 1983 and 2010 the trust fund received more in taxes than it paid out, and that money was invested in government bonds -- which some critics say was a raid by the federal government to pay for other programs. But those investments generate interest which currently covers the difference between taxes coming in and benefits going out. After 2021, projections suggest interest won't cover the difference, although a strong economy could boost the fund.
Brown said if the trust fund reaches a point where it doesn't have enough money to pay the promised benefits, the federal government could shore it up with money from the general fund. "All money is green," she said.
At certain points, federal budget writers have kept the trust fund outside of their main budget, at other times they've included it to make the deficit seem smaller, Brown said. It's essentially an accounting technique, but "at no point should it result in people's benefits not being paid."
In looking at ways to improve the long-term financial condition of the trust fund as it sees increased demand by retiring baby boomers, experts have suggested various changes.
Brown wouldn't support any adjustments to the current schedule of increases to reach age 67.
An option for increasing the amount of money flowing into the trust fund is to raise the "cap" on income that can be taxed, which is set by the
Brown said she supports the current way the cap is adjusted by the SSA.
Brown does not support allowing some workers to channel taxes into separate accounts, saying the system should remain a safety net program for seniors.
Brown wouldn't reduce benefits to wealthier recipients or change the earnings limits.
"I think we should keep the system the way it is," she said.
While there are concerns about the high demands the baby boom generation will put on the system, the current millennial population coming into the workforce is larger, she said.
"We will continue to have demographic changes and economic changes," Brown said. "People's confidence shouldn't be shaken."
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