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Nicklaus: Let’s Fix Social Security Before We Consider Expanding It
Social Security is still running out of money, but now 42 Democratic senators think it should start sending out bigger checks. Their vote in late March for a resolution to beef up benefits was largely symbolic — and it failed in the face of solid Republican opposition — but it represented an important tactical change by the party’s liberal wing. Tired of fighting proposals that would cut benefits to ensure Social Security’s long-term solvency, liberals are shifting from defense to offense.
Their reasoning is sound, to a point. Traditional pension plans have all but vanished in the private sector, and Americans aren’t very good at saving for their own golden years. The Employee Benefit Research Institute estimates our retirement savings deficit at $4.1 trillion. Why not send Social Security to the rescue? The problem is that Social Security already is slowly going broke. If we do nothing to fix it, beneficiaries will face an estimated 23 percent benefit cut in 2033. Read more…
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