Finding a Solution
January 20,1983
Political

POLITICAL EVENT

Together, Senators Dole and Moynihan led a last-ditch, nonpartisan effort to save the Social Security system. On January 3, 1983, after reading an article by Dole on Social Security in that morning’s New York Times, Senator Moynihan approached Senator Dole on the Senate floor. Among the Commissioners’ original recommendations were the taxation of Social Security benefits and increasing the retirement age for receiving full benefits. Meeting outside the halls of Congress, the so-called “Gang of Seven” (Dole, Moynihan, three other members of the Greenspan Commission, and two Reagan advisors) came up with a timetable of payroll tax increases and spending reforms that legislators of both parties could accept. On April 20, 1983, an appreciative President Ronald Reagan signed the bill into law.