CRFB Proposes Social Security Benefit Cap to Address Solvency Gap

The Committee for a Responsible Federal Budget (CRFB) has introduced a proposal titled "Six Figure Limit," which aims to cap annual Social Security benefits at $100,000 for couples and $50,000 for single retirees. According to NS3.AI, this initiative is projected to save between $100 billion and $190 billion over the next decade. The CRFB believes that implementing this cap could address at least one-fifth of the long-term solvency gap in the Social Security system.