by Mary Savage
Attention! Attention! Politicians who may not have our best interests at heart are pushing legislation to establish a “fiscal commission” that would meet in secret with limited, if any, public input to decide the future of our earned benefits and quality of life for ordinary working Americans.
The Social Security Trust Fund is projected to send out payments reduced by 22 to 25 percent beginning in 2032. (A retiree, for example, who gets $2,000 a month will only get $1,500 a month.)
While some GOOD bills have been introduced in Congress that would do the best thing to keep Social Security secure and stable into the next century, namely eliminating the Federal Insurance Contribution Act (FICA) wage cap so the wealthy pay their fair share into the program, there also is BAD legislation proposing a “fiscal commission” be created composed of legislators charged with determining Social Security’s future.
The BAD legislation is S. 4979, the “Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act of 2026” — also called the “Promise Act of 2026.” It sadly and strangely is sponsored by Illinois Senator Dick Durbin, a Democrat. We should all tell our legislators to oppose S. 4979. Why?
The bill shifts the task of forming and debating new Social Security legislation to an exclusive group of lawmakers who would propose in secret “solutions” for Social Security’s shortfall and future. They would not go through the normal democratic process of public hearings, Congressional debate and a vote witnessed by the public. The Promise Act of 2026 is a bad idea like every other fiscal commission bill that was introduced in Congress.
What is worse is that the fiscal commission’s recommendations would then be fast-tracked through Congress and voted on this fall during the lame-duck session by senators and representatives WHO ARE LEAVING OFFICE and won’t be accountable to voters in the future. Any bipartisan pair of Congress members could force votes on plans of their own in just a few weeks! Add to this the recent news that the national debt has reached $40 trillion — mainly because of military spending and tax cuts for billionaires. But we hear hints and suggestions from Republicans who lie when they say or imply that Social Security has to be cut because it contributes to the national debt. IT DOES NOT.
Senior citizen watchdog groups are alarmed about the situation. The National Committee to Preserve Social Security and Medicare issued a statement that they strongly disagree “with ramming through proposals to cut earned benefits before the public has a chance to learn about them” and that “decisions affecting the retirement security of more than 70 million Americans should be made openly by Congress — not with an unelected panel and under a fast-track process that limits debate and accountability.”
What we don’t want is any risky privatization of Social Security or cruel raising of the retirement age or unfair means-testing. What we do want is elimination of the FICA wage cap that would make the wealthy pay their fair share into the Social Security Trust Fund.
What is the FICA wage cap? Wage-earners pay a modest 6.2 percent of their pay up to $184,500 of income into Social Security. So, if a worker earns $42,000 a year, they pay 6.2% Social Security contribution on ALL of their wages. But those who earn more than $184,500 pay 6.2 percent only up to the $184,500 amount. But someone who earns $800,000 annually pays the FICA on only $184,500. Nothing more above that. By eliminating the FICA wage cap, everyone pays into Social Security on all their income. Eliminating the FICA wage cap would bring in more revenue into the Social Security Trust Fund and bring some fairness into the original promise of Social Security to be a trusted social insurance program for the American people.
Maybe you are a retired senior citizen, widow or widower, or someone with a disability who today relies on Social Security to live. Maybe you are getting ready to retire soon and are counting on Social Security to be there for you. Maybe you are a young adult who is far from retirement and doesn’t see why Social Security matters to you. Guess what? It absolutely does matter to you. It matters to all of us. Now is not the time for apathy. Now is the time for action. Remember that the people we elect this year will decide whether or not we working Americans can still rely on Social Security in the future. So cast your ballot wisely and be sure to ask the candidates you’re voting for how they will make Social Security stronger and ensure its security for decades to come.
Finally, write and call your Congressional representative and two U.S. senators and tell them to oppose the Promise Act, S. 4979. The U.S. Capitol Switchboard phone number (202) 224-3121. Call today and tell them to vote “NO” on S. 4979, the “Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act of 2026.”