Sen. Bernie Sanders (I-Vt.) sent a letter to Democratic colleagues on Monday urging opposition to any legislation that would alter Social Security benefits, including cuts, raising the retirement age, reducing Cost-of-Living Adjustments (COLAs), or privatization. Sanders framed the issue as critical to maintaining voter trust ahead of the midterm elections.
The letter, obtained by Politico, called on the Democratic caucus to take a firm stance against the PROMISE Act, a bipartisan bill that would establish a procedure for the Social Security Advisory Board (SSAB) to recommend long-term solvency measures for the program. Sanders criticized the bill’s expedited timeline, arguing it would allow an unelected commission to make decisions on Social Security before the November elections. He described the process as ‘absurd, anti-democratic and unacceptable.’
The SSAB is tasked with providing recommendations to Congress to achieve 75-year solvency for Social Security, which currently faces a $30 trillion deficit over that period, according to the Bipartisan Policy Center. The program’s trust fund is projected to cover only 78% of benefits for over 70 million retirees by 2032 if no action is taken.
Sanders proposed an alternative approach: lifting the cap on income subject to Social Security payroll taxes. Currently, earnings above $184,500 are not taxed for Social Security, meaning high earners like Elon Musk pay the same amount as someone making $184,500 annually. Sanders argued that closing this loophole would require the wealthiest Americans to contribute a ‘fair share’ into the system. His proposal aligns with his broader push to expand and strengthen Social Security rather than reduce benefits.
The PROMISE Act has been endorsed by the Bipartisan Policy Center, which asserts the program’s financial challenges require urgent bipartisan solutions. Supporters of the bill argue that procedural shortcuts are necessary to address the looming insolvency before benefits are automatically reduced. Opponents, including Sanders, contend that such measures would undermine democratic accountability and prioritize short-term fixes over long-term stability.
The debate over Social Security’s future comes as the program remains a cornerstone of retirement security for millions of Americans. The outcome of these discussions could shape the program’s solvency for decades, with significant implications for retirees, workers, and the broader economy.