Debt Reduction Task Force member William Novelli: Social Security reform now, not later

William Novelli, a member of our Debt Reduction Task Force, penned an op-ed this morning in POLITICO:

“Now, the country is in an enormous debt-and-deficit morass, and serving on the Domenici-Rivlin Bipartisan Policy Center Task Force drove home for me how dire the situation really is. If ever we needed courage, bipartisanship and political will, the time is now.

As we struggle to deal with the impending crisis, some say Social Security should be left alone because its trust fund does not run out until 2037, and even then, the program would still be able to pay out more than three-quarters of expected benefits. They also note that Social Security has not contributed to our current deficits and is not a major part of the long-term fiscal problem.

However, none of this changes the fact that, as of last year, Social Security is paying out more than it takes in and is projected to deplete its reserves in just over 25 years. Choosing to ignore the program’s imbalance means workers currently under the age of 40 will see their benefits cut by 22 percent when they retire. Do we really want to leave that legacy to younger generations?”