Save Our Seniors Act; SOS Act
Summary
The Save Our Seniors Act (SOS Act) aims to amend the Congressional Budget and Impoundment Control Act of 1974. It mandates the Congressional Budget Office (CBO) to provide Congress with detailed information on payments from the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund. This includes a comparison, in graph format, between assumed amounts and actual outlays from these trust funds, based on current law. The bill seeks to enhance transparency and oversight of these critical social security programs.
Expected Effects
The SOS Act will likely increase congressional awareness of the financial status of the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund. This enhanced awareness could lead to more informed decisions regarding the future of these programs. Ultimately, the goal is to ensure the long-term solvency and stability of Social Security benefits for seniors.
Potential Benefits
- Increased transparency in Social Security funding.
- Improved congressional oversight of trust fund payments.
- Data-driven decision-making regarding Social Security.
- Potential for more sustainable Social Security policies.
- Enhanced public awareness of Social Security's financial health.
Most Benefited Areas:
Potential Disadvantages
- The act itself does not guarantee any specific changes to Social Security, only increased reporting.
- The additional reporting requirements could place a burden on the CBO.
- The information provided may be complex and difficult for the public to understand.
- The act does not address the underlying issues that may be affecting the solvency of the trust funds.
- Potential for political manipulation of the data presented.
Constitutional Alignment
The bill aligns with the constitutional principle of congressional oversight and control over federal spending, as outlined in Article I, Section 9, Clause 7, which requires a regular statement and account of the receipts and expenditures of all public money. By mandating the CBO to provide detailed information on Social Security trust funds, the SOS Act reinforces Congress's ability to fulfill its constitutional duty of financial oversight. There are no apparent conflicts with other constitutional provisions.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).