While so-called “Medicare for all” is grabbing the most headlines, a House Ways and Means subcommittee has held four separate hearings on the looming insolvency of another big entitlement program: Social Security. Subcommittee Chairman John Larson, D-Conn., recently released a bill to shore up Social Security’s funding through myriad new tax increases and 200 of his Democratic colleagues have signed on as co-sponsors.
I testified on Wednesday at a hearing where this bill, the Social Security 2100 Act, was the focus. I was invited to offer some remarks on a group that does not get much attention in the conversation regarding Social Security: young people. My comments focused mostly on millennials, because that is the group for which we have data on their working lives, but the broader consequences to the future of the workforce should be explored before plans to hike taxes on workers and employees is viewed as the silver bullet for the program’s sustainability.
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