Social Security will become insolvent three years earlier
than projected, the government said Monday, unless Congress makes
changes.
High-level procrastinators seem to unite in Congress, where they
put off the nation’s problems for another day.
We could prove this contention with any number of topics. The
issue of the day, however, is of supreme importance to more than 56
million retirees, disabled workers, spouses and children who
receive Social Security.
The government reported Monday that the Social Security program
is moving faster toward insolvency than previously thought. The
trust funds that support the program will dry up in 2033, three
years earlier than previously projected.
At the same time, Medicare’s hospital insurance fund is expected
to run out of money in 2024.
Many millions of retirees, older workers and others face an
uncertain future while Democrats and Republicans in Congress show
more interest in cutting each other down than solving the
problems.
“Lawmakers should not delay addressing the long-run financial
challenges facing Social Security and Medicare,” the program
trustees wrote. “If they take action sooner rather than later, more
options and more time will be available to phase in changes so that
the public has adequate time to prepare.”
Despite urging from the trustees, it may be wishful thinking to
believe Congress will act before the looming crisis deepens. The
problems with Social Security and Medicare have not exactly been a
secret, yet they remain unsolved.
Millions of baby boomers continue to retire, which strains both
programs. At the same time, inflation in the nation’s health system
continue to rise at unsustainable rates and payroll deductions are
being hurt by reduced work hours and unemployment.
While part of the solution may lie in raising the retirement
age, limiting benefits for the wealthy and reducing fraud, Congress
should not focus solely on cuts that hurt senior citizens.
A positive first step would be to use Social Security trust fund
money invested in U.S. Treasury bonds to shore up the program
rather than spending it on unrelated programs. Congress also needs
to have the courage to consider additional taxes on both workers
and companies to secure the future of the programs.
The millions of Americans
who have seen Social Security and Medicare taxes taken from their
pay checks over a lifetime of employment should not have to worry
about whether the benefits will be there for them in retirement. It
is past time for members of both parties in Congress to stop
procrastinating and solve this problem.