Demand a fix for Social Security

We’re headed over the cliff on Social Security, but no one has touched the brakes or the seat belt.

Earlier this month, the Board of Trustees issued its yearly report. The 229-page actuarial document is not as exciting as, say, perusing Donald Trump Jr.’s Russia e-mails, but it is ultimately much more important reading, and a responsible media would have found some airtime to cover the report amidst all of the Trump mania.

The bottom line is as discouraging as ever for those of us who stand to lose: By 2034, Trust Fund reserves will be depleted and unable to pay scheduled benefits timely and in full. At that time, continuing income would be sufficient to pay 77 percent of scheduled benefits on an ongoing basis. Of course, this is not news to any of us – nor is it a surprise to know that while the Trustees casually recommend prompt legislative action in their report, there is absolutely nothing on the table.

For those of us wage earners in our 20s, 30s and 40s, we have two choices. We can plan for the worst, and assume we’ll see no return on this “insurance” money that has been leaking out of our paychecks and into the hands of retirees and the federal government in the form of special issue treasury bonds. Or, we can use what power we do have at the voting booth to command in no uncertain terms that our candidates propose legitimate, viable solutions – and then act upon them.

It was a maddening experience watching our presidential candidates discuss Social Security during last year’s debates. They had plenty of vague answers coupled with the occasional statistic or two, but the takeaway impression was: “Oh well. You’re right – it’s going to be a tough one. We’ll figure it out at some point.”

There was no sense of urgency whatsoever, but why would there be? There has been no one to hold our candidates accountable. Us younger voters are not known for our big campaign checks or hefty turnouts on Election Day. It is easy for politicians to brush these far-off concerns to the side for now, and figure that someday, somehow, they will get dealt with.

Here’s the problem: Drastic action leads to lazy, uninspired policy. If Congress waits another 17 years until the Trust Fund is tapped, it will end up sticking a band-aid over the income shortfall by raising the age or hacking away at benefits. Maybe these solutions are inevitable, but shouldn’t we at least come to terms with it now, while we’re still in the earlier stages of working and planning for retirement?

If Congress and our president are not going to follow through on health care or tax reform, they had better find a way to do something productive. Both branches of government are wildly unpopular. Social Security is significantly less interesting to lawmakers, but one thing is for sure:

They’ll care about it if we make them.

This story was originally published July 24, 2017 at 4:55 AM with the headline "Demand a fix for Social Security."