Social Security, in practice, is very straightforward; but Congress likes to present it as a bit of a paradox. They say that it’s a sacred institution that shouldn’t be meddled with, but also needs to be fixed. Any move to update the program is seen as political, regardless of personal or party politics. So, Congress rarely goes near Social Security, deciding rather to put it off.
That is becoming more and more of a luxury that Social Security can’t afford. We cannot allow more division on Social Security.
CNBC’s Lorie Konish reported on Congress’s House Ways and Means subcommittee, Tuesday. The subcommittee heard proposals on a current Social Security reform bill, Social Security 2100 Act: A Sacred Trust. The bill would seek to increase benefits and funding for the Social Security Trust through several measures. Included in the bill are boosted benefits for widows and public workers, as well as a set minimum benefit 125 percent above the poverty line.
Divided We Stand
This isn’t the only proposed Social Security reform; however, the program hasn’t seen any significant reform in almost 40 years. Congress is in favor of supporting Social Security but is divided by internal debate and anxiety about how to move forward. Division on Social Security reform stems from an inability to communicate; a bipartisan approach is key to create meaningful protection for Social Security.
One immediate thing Congress can do is to stop borrowing from the Social Security Trust. In addition to the Sacred Trust, there are other steps Congress can take to protect Social Security. Safeguarding the Social Security Trust, paying what it owes, and closing loopholes that let people avoid paying into Social Security all together.
The Council for Retirement Security’s goal is to ensure that seniors’ benefits are protected. Regardless of whatever form Social Security takes on in the future, that has to remain the number one priority.