Martin O’Malley, the former Commissioner of the Social Security Administration, stated that increasing contributions from higher-income Americans could address the funding shortfall facing the Social Security program. This statement follows a report indicating that beneficiaries might experience a 22 percent reduction in their monthly benefits by 2032. O'Malley's comments were made during an interview that aired on NewsNation.
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Former Social Security Administrator Advocates for Raising Income Cap
Former Social Security Administration Commissioner Martin O’Malley has suggested that raising the income cap for contributions from higher-income Americans could help mitigate the funding shortfall of the Social Security program. His remarks come in light of a report predicting a potential 22 percent cut in benefits for recipients by 2032.
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Ex-Social Security administrator calls for raising cap
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Former Social Security Administrator Advocates for Raising Income Cap