The Social Security Fairness Act would cost nearly $200 billion
over the next 10 years and exhaust the balance of
the Old Age and Survivors Insurance Trust Fund roughly 6
months earlier for all Social Security beneficiaries.
The share of OASI benefits that could be paid when
the trust fund is exhausted would be smaller under this
bill than under current law, meaning all Social Security beneficiaries
will see their Social Security benefits reduced earlier and their
benefits then will be even smaller than they would have
been.
I filed an amendment that would delay the implementation of
the Social Security Fairness Act until changes are made that
would offset the bills negative impact on the Social Security's
actuarial balance as determined by the Social Security Board of
Trustees.