An action plan needs to be created by the Administration and Congress to address the long-term funding challenge of Social Security. Signers of the petition are asking the Administration and Congress to address Social Security funding challenges by proposing and enacting a solution to the current problem.
The urgency:
Under the current model, payouts greater than payroll tax revenue and interest income over time will liquidate the Social Security Trust Fund by 2033, meaning that only the ongoing payroll tax collections thereafter will be available to fund the program.
The Administration and Congress have attempted to enact plans in the past, most recently under Bowles-Simpson, but have neglected to make reasonable progress. Further delays cost more money and jeopardizes our well-being.