It’s been long known that the Social Security Trust Fund will face significant funding shortfalls next decade, but Congress, true to its pattern in this case, has delayed action, presumably until they can no longer possibly avoid it. It now seems that some are getting the idea that Congress can no longer avoid it, since the recent report from the Social Security Trust Fund indicates that on current pacing, benefits will need to be slashed by 22% by 2032 to maintain solvency.

That’s led to a flurry of new proposals, mostly in the Senate. And newsworthy in this day and age, most of these ideas spring from bipartisan teams. Among the competing ideas: a new proposal from Senator Bill Cassidy (R-LA), backed by Tim Kaine (D-VA), to invest $1.5 trillion of Social Security funds into the stock market and make up for the shortfalls with higher returns (it’s worth noting that the Boston College’s Center for Retirement Research has panned the math). Elizabeth Warren (D-MA) and Bernie Moreno (R-OH) have proposed eliminating the cap on Social Security contributions, while others like Lindsey Graham (R-SC) have gravitated towards capping Social Security benefits based on income.

The new Trustee report has seemingly fueled a new sense of urgency in the Senate on Social Security reform. The House has not responded accordingly, with Speaker Mike Johnson saying he doesn’t plan to take it up until 2027, though only the TNSB Ouija Board knows who will be in control of the House by then.