(WTNH) – Democrats and Republicans are struggling to find a solution to save social security.
A report shows that in just 16 years the government won’t be able to afford to pay full benefits.
The conservative Heritage Foundation said Congress needs to reform the entire system before millions of retirement checks are slashed.
It wants lawmakers to raise the retirement age and reduce taxes, arguing younger workers could save their own money.
Others say cuts are not needed.
Rachel Greszler from the Heritage Foundation said, “there’s no way to cover this huge shortfall without anyone giving something up.”
Nancy Altmen from Social Security Works said, “We are the wealthiest country in the world at the wealthiest moment in our history.”
She’s backing a Democrat led plan to force workers making $400,000 or more to contribute more. It would also gradually raise taxes across the board for everyone.