WASHINGTON, D. C. – House Ways and Means Social Security Subcommittee Chairman Sam Johnson (R-TX) announced today that the Subcommittee will hold a hearing entitled “Examining Social Security’s Solvency Challenge: The Status of Social Security’s Trust Funds.” The hearing will focus on the findings of the 2018 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds. The hearing will take place on Thursday, June 7, 2018 in 1100 Longworth House Office Building, beginning at 11:00 AM.
Upon announcing the hearing, Chairman Johnson said:
“As I’ve long said, the American people deserve a fact-based conversation about Social Security. We must heed the latest news from the Trustees Report and start working now on solutions to ensure our children and grandchildren can count on Social Security––just like seniors and individuals with disabilities do today.”
According to last year’s Trustees Report, Social Security’s combined Trust Funds will be exhausted in 2034, at which point beneficiaries would face a 23 percent across the board benefit cut unless Congress acts. The Trustees estimated that, if no action is taken, the Disability Insurance (DI) Trust Fund would be unable to pay full benefits in 2028. The Trustees also noted that the gap between Social Security’s costs and revenues over the next 75 years is equal to $12.5 trillion, up from $11.4 trillion in 2016.