Social Security’s Solvency Problem: Have Prospects for Resolution Dimmed? - Washington Post
The week now drawing to a close has been volatile on many political fronts, perhaps few more explosive than that of Social Security’s impending solvency issue. Despite the display of agreement expressed during Tuesday’s State of the Union event, it’s starting to look like hopes for serious attention to the looming catastrophe facing beneficiaries a mere decade from now are in danger of stalling. That’s pretty much the theme of a Washington Post article by White House economics reporter Jeff Stein.
Stein’s post, which you can read in full here, summarizes what appears to be agreement on both sides of the argument that Social Security (and Medicare) will be excluded from debt ceiling negotiations. While that may be good for short-range intact continuity of the programs, it raises the potential for a longer-range loss of focus on fixing the financing problems facing these massive senior earned benefit programs. As Stein notes, “… the shelving of these discussions raises questions about what, exactly, will be done about the programs.”
The early stages of the 118th Congress have shown signs of interest in tackling the solvency problems, especially with respect to Social Security. The simple fact being recognized is that Social Security and Medicare are both on unstainable trajectories with, for example, Social Security currently operating in deficit mode and projected to deplete its financial reserves in ten to 12 years. Without question, Social Security reform must be addressed soon, since further delays in shoring up the finances for this critical program will cause corrective actions to become more painful the longer action is delayed. The Association of Mature American Citizens (AMAC) is actively engaged in developing a solution to the Social Security solvency problem, with its AMAC Action subsidiary espousing the organization’s Social Security Guarantee legislative proposal in many quarters of Congress. Read AMAC’s plan here.
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