A Call for Public Trustees to Help Guide Social Security Reform - Thehill.com
The Social Security trustees oversee the financial operations of the Social Security trust funds and report annually to Congress on their financial and actuarial status. They provide detailed information on the solvency of these funds, which is crucial for informing policymakers and the public about the program’s long-term health and potential adjustments.
The Board of Trustees currently consists of four members who automatically serve by virtue of their positions in the Federal Government. These four are:
- Secretary of the Treasury (the Managing Trustee),
- Secretary of Labor,
- Secretary of Health and Human Services, and
- Commissioner of Social Security
The Social Security Amendments of 1983, crafted by the National Commission on Social Security Reform (the Greenspan Commission), specified that the board of trustees would include two public trustee positions appointed by the President and confirmed by the Senate. These two members would serve 4-year terms. However, the terms of the last two public trustees–Charles P. Blahous III and Robert D. Reischauer–expired in 2015 and these positions have remained vacant since then.
A Call for Filling the Public Trustee Vacancies
Social Security is in fiscal peril, with the program’s financial reserves projected to be fully depleted by the early to mid-2030s. At that point, absent corrective action, all beneficiaries would see a 20-25% across-the-board reduction in their monthly payments. This scenario would send shock waves through the senior community and push many into poverty.
Recognizing the critical importance of Social Security’s looming insolvency, five former public trustees (David M. Walker, Robert D. Reischauer, Charles P. Blahous, Marilyn Moon, and John L. Palmer) have banded together to urge President Trump and Congress to “appoint two qualified and respected Public Trustees.” Such action, they suggest, would help ensure that the “interests of all Americans are considered in a professional, objective, non-partisan, and constructive manner.” Their letter to officials can be read in full on thehill.com.
Principles for Consideration in Social Security Reform
In addition to stating the case for the appointment of public trustees, the letter issued to President Trump and Congress set forth eight key principles for consideration as Social Security’s problems are addressed. These key principles, along with other concerns, “address a range of large and growing challenges that threaten our collective future — including the need to make the Social Security system both solvent and sustainable,” the letter suggests. The appointment of public trustees is suggested as an appropriate ingredient in moving ahead with overall Social Security reform.