[GO Banking Rates] In a June 13 Fox Nation debate, Sen. Lindsey Graham said seniors may have to “take a little less” and “pay a little more in” when debating Social Security solvency, reports Knewz via MSN. Graham made the comments while debating Sen. Bernie Sanders during a “Senate Project” debate.“Let’s do something like Ted Kennedy would do: get Republicans and Democrats to find a way — like the Gang of Six, the Simpson-Bowles plan. Senator Sanders: bring your Social Security plan to the floor. All it does is raise taxes. To get out of this mess, people like me are going to have to take a little less and pay a little more in. We’re going to have to adjust the age one more time like Ronald Reagan and Tip — Tip O’Neil did. There is a bipartisan way forward. You describe problems, but your answer is always the government — it’s always socialism,” Graham said.
The estimated average Social Security retirement benefit in 2022 is $1,658 a month, announced the Social Security Administration. While this is a $93 increase from the year before, benefits only cover a portion of seniors’ living expenses. For his part, Sanders admitted that Social Security “does have a solvency issue,” but that his proposal — also backed by Sen. Elizabeth Warren — would extend solvency for 75 years while increasing benefits for recipients by $2,400 per year. Sanders’ proposal would ostensibly fund this expansion of Social Security via a tax on high-earning households, per CNBC.