The One Social Security Act
In our last entry, we examined short-term funding issues facing the dual Social Security Trust Funds. One of the proposed solutions to the issue came in the form of legislation. On July 22, 2015, Rep. Xavier Becerra (D-CA) introduced the One Social Security Act.
The bill would combine the Old Age and Survivors Insurance (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund. While technically separate, the trust funds are often treated as one. This legislation would codify that practice. Seventy-five Democrats co-sponsored the bill.
The One Social Security Act, if passed, could prevent a 19% benefit cut in the latter half of 2016. It would also spare Congress from continually having to reallocate payroll tax revenues from one trust fund to the other, which it has done 11 times.
The bill, which has no counterpart in the Senate, has been turned over to the House Ways and Means Committee for further consideration.