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The Case for Social Security Expansion
In a post on The National Interest website, technology writer Stephen Silver takes a look at recent thoughts expressed by Social Security Works President Nancy Altman on the need to expand Social Security’s “modest benefits.” As explained by Silver, Ms. Altman cites poll results indicating that “over half of Democrats, Republicans, and Independents rank preventing Social Security cuts as one of their top three voting priorities.” She also cites the potential for Social Security expansion to help resolve the retirement savings crisis, and also points to the lifeline that Social Security extended to many during the workforce problems exacerbated by the COVID-19 pandemic.
It’s an interesting argument but given the program’s precarious financial position and its impending solvency crisis, one wonders if expansion without overall reform would simply make a bad situation worse in the long run. Unless and until Congress takes up the issue of Social Security modernization, it’s unlikely that any enlargement would happen and if it did, it’s likely that it would only serve to hasten the severe consequences of insolvency.
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