Beacon

IN

TheFOCUS FOR PEOPLE OVER 50

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Now, insolvency doesn’t mean Social Security will disappear. But it does mean that, as presently operating, all beneficiaries will see a cut of about 25% in their benefits starting in 2030 or thereabouts.

Blahous also made the point that, for every year Congress kicks the can down the road, the cost to fix the program — and the pain it will cause — will grow.

Ten years later, in 2021, we presented another expert at the virtual Beacon 50+ Expo, Dr. Mark Warshawsky, a former deputy commissioner of Social Security. He brought us up to date with not only more dire projections, but also a dozen potential solutions to the problem.

Of course, any of the most likely steps could be politically damaging: risking the ire of recipients (who might get lower costof-living increases or wait longer to qualify), of workers (who might see more of their paychecks withheld), of employers (who would have to match their employees’ contributions), and of taxpayers (who might find their taxes go up).

If each of these constituencies were asked to bear part of the cost to help Social Security fulfill its future commitments, no one group or person would have to suffer inordinately.

So, are we hearing voices among our nation’s leaders saying we owe this to older Americans? Are they weighing the pros and cons of the multifarious ways they can tweak the program to keep it solvent?

No. On both sides of the aisle, our socalled leaders are grandstanding on television and in the press, preening before the cameras and loudly braying, “We won’t touch Social Security.”

A plague on both their houses! In order to preserve their coveted positions in Congress, nearly all politicians today are claiming to be your friend when, in fact, they are guaranteeing you (and your children, probably) will suffer serious financial harm through their immature behavior.

They need to get a spine and sit down rationally to discuss the many different ways — ways that have been identified clearly over the years — to correct the course of Social Security and not leave millions of older adults with reduced checks.

What are they afraid of? You. Voters.

So how can you help?

For one thing, talk amongst yourselves, and educate others about what’s really needed to preserve this essential program for us and future generations. The program isn’t going to fix itself.

Second, I would urge you to contact your congressional representatives and tell them they need to take action, now, to set Social Security on a sound fiscal path for the future.

And be sure to add that you won’t kick them out of office for doing so. In fact, you’ll only kick them out of office for NOT doing so!