The Social Security program, a critical source of income for over 71 million Americans, is projected to be unable to pay full scheduled benefits starting as early as 2023. The Social Security Administration (SSA) has indicated that after this point, the fund will only be able to cover 78% of total scheduled benefits. This shortfall could result in recipients facing a monthly reduction of about $500.

This potential financial cliff has prompted numerous legislative proposals aimed at ensuring the program's long-term solvency. While no comprehensive legislation has passed, several bills have been introduced in Congress.

One bipartisan effort, the Promise Act, introduced by eight senators, seeks to establish a framework for Congress to develop a plan to maintain Social Security's solvency for at least 50 years. Senator Thom Tillis, a co-sponsor, emphasized the urgency, stating that "the longer Congress waits to act, the fewer good options remain."

Additionally, the Bipartisan Social Security Commission Act was introduced in June, proposing the creation of a committee to develop solutions. Another significant proposal, the Social Security 2100 Act, also introduced in June, aims to shore up finances by increasing contributions from higher-income earners while simultaneously proposing a 2% increase in benefits for all current and new recipients. This act also suggests modifying the cost-of-living adjustment (COLA) calculation.

Under the Social Security 2100 Act, the COLA would be calculated using the Consumer Price Index for the Elderly (CPI-E), a measure that tracks expenses for individuals aged 62 and older, instead of the current Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Advocates suggest the CPI-E would better reflect the spending patterns of seniors.

However, some groups express skepticism about the passage of such reform bills. The Senior Citizens League (TSCL), a non-partisan advocacy group, considers the Social Security 2100 Act the "gold standard" for reform but believes its chances of passing in the current Congress are slim. TSCL Executive Director Shannon Benton noted that while the bill is unlikely to pass, it represents many of the changes older Americans desire for the program.