U.S. Sen. Dick Durbin (D-Ill.) is calling for a commission to be formed to talk about ways to keep Social Security stable. Durbin claims Social Security will be out of money in 20 years. He says without a long-term plan to keep the system solvent, federal lawmakers could see the same problems with Social Security that state politicians have dealt with regarding pensions.
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“So what lesson is to be learned? When you make a long-term promise, think of it in long term. So what I want us to do is sit down and look at the future of Social Security right now,” Durbin said. Durbin says he’s in favor of lifting the cap on income that can be taxed for Social Security, as well as reducing cost of living adjustments for well-off retirees. Some options are off the table to Durbin as well, such as any plan to privatize the system.