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PROMISE Act Forces Social Security Action | Dover News
A new bipartisan bill, the PROMISE Act, is forcing Congress to tackle Social Security’s looming 2032 funding shortfall—no tax hikes or benefit cuts yet, just a deadline to act. The bill mandates a formal process: the Social Security Advisory Board will draft solutions, and Congress must vote on them before the crisis hits. While the system won’t vanish, a dry trust fund could mean 22% benefit cuts—hundreds less per retiree. Lawmakers from both sides are pushing for action to avoid that grim future, while this year’s COLA was a boost and next year’s is expected to be 3.6–3.8%. Official numbers…
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