Lawler and Latimer advocate for a study to secure Social Security as the fund risks depletion by 2033
Pearl River: Rep. Mike Lawler kicked off 2025 with a big win, celebrating the Social Security Fairness Act. This law boosts benefits for 2 million public workers who also get government pensions.
His office sent out a mailing to constituents, proudly stating he’s keeping his promise to protect benefits for New York retirees. But here’s the kicker: they didn’t mention how the government plans to fund these expanded benefits.
With the Baby Boomers retiring, there are fewer workers from Generation X and Millennials paying into the system. The cost of the benefits expansion is a whopping $195 billion over ten years, which could speed up the depletion of the Trust Fund by six months, according to the Congressional Budget Office. They predict the fund could run dry by 2033, just when folks born in 1966 hit retirement age.
Both Lawler and Rep. George Latimer are saying we need more time to figure out how to keep the Social Security Trust Fund afloat. If the fund runs out, benefits could be slashed by 22% unless new revenue sources are found.
Rachel Greszler from the Heritage Foundation warns that Gen X and Millennials might not see full benefits when they retire. Meanwhile, Annie Shuppy from Third Way says Congress missed a chance to tackle the looming shortfall when they passed the Social Security Fairness Act.
Lawler is calling for a bipartisan commission to find solutions for the program’s future. His spokesman mentioned that it’s crucial to ensure Social Security remains viable for future generations.
Latimer, who just started receiving benefits himself, agrees that a thorough analysis is needed. He emphasizes that any solution shouldn’t come at the expense of those who’ve contributed to the system their whole lives.
In 2023, the Republican Study Committee suggested raising the retirement age from 67 to 69, which could cut benefits by about 13%. Some Democrats are pushing for higher taxes on income to help fund Social Security, but there’s little appetite for raising the retirement age.
Greszler is advocating for a flat rate for benefits based on years worked, which could protect lower-income earners while reducing benefits for those with higher incomes. However, this idea might face strong opposition and needs more study.
