President Bush has started a debate about the future of Social Security.This is an important discussion, one which has aroused intense feelings among Alabamians across the 3rd District, and rightly so.
Social Security is one of the most important social programs in the history of America. It’s lifted seniors out of poverty. It’s given retirees the peace of mind knowing they will be taken care of later in life. And it’s always been there, month after month.
I also think this is a good debate. The reality is that Social Security does face structural challenges, and while I do not define this as a crisis, I do believe its future merits debate given the challenges outlined by the president.
At a minimum, I believe we can begin by agreeing Social Security does, in fact, have a problem. According to Social Security Trustees, for example, in 2018 the program will begin paying out more than it takes in. It’s also expected to deplete the Trust Fund by 2042, or by 2052 according to an analysis by the Congressional Budget Office.
I am unimpressed, therefore, with those who bring nothing to this debate except criticism. This issue is far too important for hollow political demagoguery, especially from those who for years claimed Congress and the president were ignoring the problem.
It is particularly appalling to me to see the systematic disinformation campaign aimed at scaring seniors, orchestrated by the “keep the status quo” crowd.
So, the question in my mind is not whether we should act but when. Clearly, Social Security needs our attention, and thanks to President Bush our nation is finally beginning this debate. Beyond this, I look forward to continuing to hear from my constituents as to what should be done to fix the system.
For the record, I have long been a proponent of strengthening and securing the current system. I am opposed to privatizing Social Security. I oppose any effort that changes benefits for people 55 and older. I also have serious reservations about burdening Alabamians with the need to become experts on the stock market or picking the right stock to ensure a good retirement.
As The Anniston Star recently pointed out, tens of thousands of East Alabama seniors depend on their monthly Social Security checks. Nationally, one-third of Americans over 65 depend on Social Security for 90 percent of their income.
These statistics demonstrate why we must get this right, once and for all, for the long term. Thus far, I have been pleased to see the president’s insistence that any proposed solution should not affect Americans 55 and older, and that they will not see any changes in their Social Security benefits whatsoever.
Of course, I also have an obligation to study proposals that seem to help improve Social Security’s long-term solvency. My wife and I have three young children. If we let a good idea pass us by, what disservice will we have done for our kids?
Critics rightly point out the president’s plan to create supplemental personal accounts for younger workers could add more than $1 trillion to $4 trillion to our national debt. But Social Security trustees also point out that inaction could cost up to $10 trillion in the long run.
As for supporting those younger workers at retirement, the math speaks for itself.
In 1950, for example, there were 16 workers for every one beneficiary. Today only 3.3 workers support every Social Security recipient, and by the time our youngest workers — those just entering the workforce today — turn 65, there will only be two workers supporting each retiree.
The trends are clear. To assume this problem will go away is fool hearted, and whether we act now or later the basic fundamentals supporting the system need to be addressed.
Fortunately, the debate is only beginning. While various proposals are only now emerging, I remain optimistic that everyone will remember the need to work together with the hope of finding real and viable solutions.
Mike Rogers, R-Saks, represents Alabama’s 3rd District in the U.S. Congress.
