“We’re not touching Social Security!”
It’s a sentiment you’ll hear from many lawmakers on both sides of the aisle.
Like many soundbites that the political class loves to throw out, it sounds good on the surface. But when we examine it closer, it’s problematic.
What’s the issue? If we don’t touch Social Security, there will inevitably be a benefits shortfall in the near future. The program doesn’t need cuts, but it does need work.
What Happens if Social Security Goes Unchanged
If politicians stay committed to not touching Social Security, their lack of action becomes an inaction of sorts. Or in other words, it creates consequences down the line.
The lack of a solution in the present means that those who need benefits in the coming decades may be forced to take a cut. This is nothing short of an injustice, since Americans have fairly paid in.
Even now, some say the 2024 COLA is set to disappoint. As we’ve previously covered, there’s a chance it could even be canceled out entirely.
So what’s the real answer? The program needs attention and action, not the opposite. Could a change in payroll taxes, or an adjustment of the retirement age be the solution? There are pros and cons to both of these — but even they may not be the complete fix Social Security needs.
The Only Fair Way of ‘Not Touching Social Security’
While the program retirees rely on needs attention, one thing it doesn’t need is cuts to beneficiaries. This is where we come in.
Here at the Council for Retirement Security, we fight to protect the benefits retirees have earned with our Social Security Lock-Box Petition. It’s vital they go uncut and get increased at a fair rate. Check it out, then bookmark our blog here as well as our page on wellness and nutrition.