Social Security reform is a must, as the Social Security Trust Fund is reaching a tipping point and the deadline to insolvency is rapidly approaching. Economists and Social Security experts currently project that the Trust has an estimated 13 years left before its funding is depleted and everyone is forced to face a record high cut to their benefits.
There have been dozens of attempts to pass Social Security reform but very rarely do bills see the necessary support needed to get through Congress. As voters grow impatient and worried about their retirements, Social Security reform has real potential to be a trending feature on this year’s ballot, CNBC’s Lorie Konish reports.
Roadblocks to Reform
Despite attempts to legislate change, Social Security is seen as the “third rail” of politics — so sacred (and hot), it should never be touched. That’s why it hasn’t been made a united, universal priority for Congress, despite being an important issue for many in both parties. A main aspect to the disconnect between Social Security and legislative progress is taxes. Protecting Social Security will most likely involve changing the tax code to create alternative sources of funding to the Trust.
Democrat-led bills like the You Earned It, You Keep It Act and Republican-led bills like the Social Security Lockbox Act both have merits that would seek to create positive change. The impassible hurdle is getting bipartisan support, which without, any reform is dead on arrival.
Change is Up to You, the Voter
The senior demographic is tens of millions strong in the United States. What’s more, as younger workers are thinking about their future, they are becoming more and more supportive of the movement to protect Social Security. This army of senior voters can ensure bipartisanship efforts to prevent insolvency by choosing candidates — on both sides of the aisle — who support Social Security reform. It’s easy to forget that our elected representatives work for us, and if they’re under performing in their role, we can send them packing with our vote.
Protect Social Security by making sure to vote and by also joining the Council for Retirement Security in it’s mission to stop insolvency in its tracks.