Young Statement on Social Security Fairness Act

WASHINGTON – U.S. Senator Todd Young (R-Ind.) released the following statement after voting against the Social Security Fairness Act, legislation that will expedite the insolvency of the Social Security Trust Fund:

“This legislation bypassed the typical committee processes in Congress that would have allowed us to have a more thoughtful conversation about how to balance addressing the disparate treatment of certain Social Security beneficiaries with the long-term solvency of the program. As a result, this was a rushed and fiscally irresponsible bill that will deplete the Social Security Trust Fund, which is already projected to be depleted by 2034. During floor consideration in the Senate, I voted for an amendment offered by Senator Cruz that would have addressed this issue in a more fiscally sound manner, and I am disappointed the Senate didn’t support that reasonable approach. Congress should address the disparate treatment of Social Security beneficiaries, including certain Hoosier first responders and other public servants, but there are better solutions than this legislation which further jeopardizes the long-term solvency of the Social Security program,” said Senator Young.

The Social Security Fairness Act will repeal longstanding measures that were intended to ensure Social Security benefits are distributed based on an individual’s contribution into Social Security. Removing these measures—the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)—will result in the Social Security Trust Fund becoming insolvent at least six months sooner than anticipated. Additionally, the Congressional Budget Office projects that the bill will cost almost $200 billion over the next 10 years. As a result, the Committee for a Responsible Federal Budget estimates the bill will lead to an additional $25,000 of lifetime benefit cuts for a typical couple retiring in 2033.

Young voted in favor of a more fiscally responsible amendment offered by Senator Ted Cruz (R-Texas), which would have increased monthly payments for those affected by WEP by $100 to $150 every month while basing future retirees’ earnings off an individual’s earnings throughout their entire career with a proportionate benefit based on what they paid into Social Security. Senator Cruz’s amendment failed.

The roll call on the Cruz amendment can be found here. The roll call on the final vote can be found here.