Trustees report projects Social Security shortfall in 2032

A bipartisan group of senators on Tuesday introduced the Protecting Retirement Opportunities and Maintaining Income Security for Everyone, or PROMISE Act, a bill designed to address Social Security’s projected funding shortfall in 2032, according to the latest trustees report.

Sen. Dick Durbin, D-Ill., one of the bill’s authors, said in a statement that Congress was elected to solve problems and must protect the program for future generations. “The longer Congress waits, the more difficult it will be to address the program’s financial shortfall,” Durbin said. “We owe it to our kids and grandkids to protect and strengthen this critical program.”

Congress has long been reluctant to make changes to Social Security, as potential benefit cuts have been politically unpopular. The program’s funding shortfall has been known for years, but lawmakers have repeatedly kicked the issue to the next generation.

The PROMISE Act aims to tackle the financial challenges facing Social Security.