Opinion: We’re running out of time. Social Security must be saved now.
By Charles Blahous April 26 Charles Blahous holds the J. Fish and Lillian F. Smith Chair at the Mercatus Center at George Mason University, is a visiting fellow at the Hoover Institution, and served as a public trustee for Social Security and Medicare from 2010 through 2015.
Those funds will be depleted in 2035, but we can’t wait that long for reform. Even if we were to cut off all new beneficiaries at that time — a measure so drastic that lawmakers would never allow it — the program’s financial shortfall would still be too enormous to avoid insolvency.Other thorny problems, such as containing the costs of health care and education, lack clear and immediate policy solutions. Social Security, by contrast, mostly requires leadership and political will. As Sen.
Today, the threats to Social Security are even greater. The program’s current imbalance is already much larger than the one corrected in 1983. With each year that this imbalance grows, the fixes necessary to solve it become more painful. Now more than ever, the challenge of Social Security demands bipartisan leadership.
The situation has only gotten worse. Throughout the past decade, those seeking the presidency have focused their rhetoric more on what they wouldn’t do to repair Social Security’s finances than on what they would. Congress isn’t doing much better. Instead of charting a realistic path forward, every congressional Social Security proposal introduced this year would do one of two things: add a new parental leave benefit, or significantly increase projected costs through a general benefit increase.
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