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Posts Tagged ‘Social Security Commission’

A Deal on Social Security Hiding in Plain Sight

October 23rd, 2013

by and

Starting this year, seniors new to Social Security can expect to be pickpocketed. While Congress was fighting over default, the Congressional Budget Office quietly moved up its projected date for Social Security insolvency to 2031. In that year, without a fix to the program, recipients will take an immediate and draconian 23 percent cut in benefits.  So a majority of new retirees today will face a meaningful cut in payments in their lifetime.

We need to fix this, and the newly created budget conference appointed at the conclusion of the debt ceiling crisis is the place to do it. It may seem impossible for a dysfunctional Congress to touch the “third rail” of politics given its disappointing performance in all areas. But a deal on Social Security may not be as far-fetched as it seems.
First, there is more agreement on Social Security solutions among Democrats and Republicans than meets the eye. And second, a deal to fix Social Security may be the only way to make progress on every fiscal issue that concerns Democrats and Republicans—from sequester to the debt ceiling—providing an incentive for both parties to act.

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