Collins Backs Expert Panel, Led by Romney, on Social Security

U.S. Sen. Susan Collins said on October 14 that Congress should turn to a bipartisan panel of financial specialists — with former Sen. Mitt Romney as a possible chair — to draw up a plan for stabilizing Social Security, the Bangor Daily News reported.

Collins made the remarks to reporters in Bangor after picking up the endorsement of the Maine Fraternal Order of Police. They were her first on the subject since a WMTW debate the prior week, when she said the cap on wages subject to Social Security taxes should be adjusted — a position at odds with most Republicans.

The Republican, who is seeking a sixth term against Democrat Troy Jackson, did not specify whether she would eliminate the $184,500 cap, raise it or apply the tax above a higher income level. She said an actor making $40 million annually should not owe the same amount as a worker at the cap, but warned that lawmakers must weigh the effect on small businesses and that "there's all different ways that it can be structured."

Jackson, a former Maine Senate president from Allagash, would remove the cap and direct the revenue toward larger benefits.

Social Security's trust fund is projected to fall short in late 2032, which would force an automatic 22% reduction in benefits absent action by Congress.

The two candidates were scheduled to meet on October 15 at the Gracie Theater in Bangor for their final debate, the only one with a live audience and voter questions.

This story was first reported by Bangor Daily News.