By Jay Heflin - 07/08/10 06:41 PM EDT
“[This] hearing will provide an opportunity to learn how vital this program continues to be for the well-being of all Americans and why we should consider very carefully any changes being proposed for how they will affect the lives of current and future generations of beneficiaries,” he said in prepared remarks.
The hearing will come on the heels of Europe looking to increase its retirement age to combat its debt problem. House Minority Leader John Boehner (R-Ohio) has also suggested raising the U.S. retirement age from 67 to 70 to ensure the solvency of entitlement programs.
The bipartisan Committee for a Responsible Federal Budget came out Thursday with findings that show 79 percent of respondents believe the best way to put the U.S. on sustainable fiscal path would be to raise the normal retirement age for Social Security to 68.
The Social Security trust fund is currently running at a $2.6 trillion surplus and is projected to pay all scheduled benefits until 2037. Afterward, the fund will pay 75 percent of scheduled benefits if changes are not made to the program.