In last week’s Social Security finance report, the Social Security Trustees yet again exhorted Congress to bring Social Security reform front and center–before time and options run out.
For several years, the Trustees’ annual assessment hasn’t changed: the Trust Fund faces imminent insolvency, and the sooner we move to counteract it, the more choices we’ll have for fixing it and the less the phase-in of policies will impact beneficiaries.
But in spite of years of near verbatim reports urging Congress to focus on Social Security’s funding crisis, most media and Congressional discussion still revolves heavily around what will happen in 2034–the projected insolvency date–instead of what should be done right now to prevent it.
The truth is the length of fuse is rapidly becoming irrelevant–longer or shorter, if the Trustee’s report reveals anything, it’s that the bomb is growing.
Congress has a decision to make: diffuse it now or clean up the mess later. As of today, it looks as though they’d still prefer to put it off than accept the challenge of coming to an acceptable bipartisan solution.
And in the end, if this continues, America’s seniors, retirees, and Social Security beneficiaries will suffer for it.
There are currently as many as 36 different policy proposals dealing with restoring and reforming Social Security. The options are there to be debated–it just needs to be done…