Meeting in the Middle to Fix Social Security

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What is compromising? To some it is a win-lose situation, to others it is something to avoid entirely. The act of compromising is where two or more groups meet in the middle, finding a result that is somewhat less than desirable, but ultimately beneficial to all parties. Politically, especially when it comes to Social Security, compromising has rarely been on the table, if at all. However, to fix Social Security, compromise may be our only option to achieve some progress, as CNBC’s Lorie Konish’s interview suggests.

Meeting in the Middle

Konish interviewed Social Security Advisory Board Member Andrew Biggs, and the two discussed his thoughts on how to fix Social Security. The Social Security Advisory Board has no direct political sway over the program but conducts research and offers advisement to political entities and committees that do. Biggs is a strong advocate for compromise on both side of the aisle.

No major policy change can pass, regardless of which party sponsors it, without support from the other side. Democrats are in favor of raising taxes for higher earners, while Republicans are against it. Republicans are in favor of cutting benefits for higher earners, which Democrats are against. The key to compromise is to “work from the center and build out,” meaning to work with centrist strategies from the beginning and avoiding any extreme left or right ideologies.

By focusing on the bare function of the Social Security you can prioritize benefiting the people. The program is one of the most important government-funded programs and needs to be protected. We can fix Social Security and see that those that need benefits to survive can continue to rely on the program well into the future.

For more Social Security news, follow along with the Council for Retirement Security.  

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