Social Security
Social Security is the greatest social program in our nation’s history and I will vote to protect our seniors in retirement and those who are entitled to disability and survivor benefits including about 3 million children.
We need to keep the promises made and secure Social Security for future generations, avoid raids on the trust fund and fix what is broken. We do not need to panic, but we have to make changes to the system.
Changes should combine phased changes to the contributions for people under age 40, guaranteed protection for seniors making less than $40,000 annually, and lifting the cap for individuals on wages subject to contributions. I do not support changes for those currently receiving benefits.
Social Security needs to remain predictable, stable and risk-free. It must be designed to provide adequate benefits for retirees, the disabled and survivors by making annual inflation adjustments.
Social Security must be universal – there should be no ability to “opt out” because it drains the ability to pay benefits now, passing on unacceptable debt to the next generation. I am not in favor of people managing their own Social Security asset allocation – this should be guaranteed income. Let them play with their own IRA and 401K. Enron is a good example. People take risks they don’t even know they are taking.
We must adjust the reimbursement rate for doctors and other health care providers in order to provide the health care options for retirees. Doctors must not be forced to turn away patients because the system has failed and seniors need options in order to avoid long waits for medical care.
Increases in prescription drug costs are still draining away retirees’ savings. Medicare Part D is helping but the cost is much higher than anticipated and the system is still confusing. Stories of seniors who still choose between taking their prescription and buying groceries is proof that the system still needs work.
The Congressional Budget Office (CBO) – a traditionally conservative budgeting source – estimates that Social Security will remain solvent for the next 35-45 years. The fund has assets that exceed $1.5 trillion – earning interest every day. If no changes are made, assets don’t get touched until 2028.
Privatization will do nothing to avoid the projected shortfall in 2042-2052, but it requires billions in transition debt that would require a cut in benefits. It does not solve the problem. It is a complex that deserves honest discussion and willingness to make tough choices.
