Maya MacGuineas: Here's How to Fix Social Security

Maya MacGuineas is president of the Committee for a Responsible Federal Budget. She recently wrote an opinion piece for the Dallas Morning News, an excerpt of which is below.

Social Security is a big deal. Its benefits make up the majority of income for more than 40% of seniors, and the tax it imposes is the largest for most Americans. Addressing the retirement program’s pending insolvency therefore poses an immense challenge that requires navigating difficult tradeoffs, but also an enormous opportunity to make the program serve Americans’ needs and hopes even better. 

First, let’s clarify what we’re up against. The Social Security retirement program is projected to go insolvent in less than seven years — almost a quarter of the time most retirees have spent paying off their mortgage. Policymakers must act soon to save Social Security, not only to prevent an $18,400 annual benefit cut for a typical couple, but also to secure the program for future generations. 

But it’s not too late to act. Thoughtful reforms can strengthen retirement security, improve predictability for seniors, promote healthy and productive aging, bolster economic growth, improve efficiency and reduce income inequality. Even if Social Security wasn’t staring down the barrel of a crisis, these would be good reasons to reform the program.

Read the entire piece here.

Published works by members or staff of the Committee for a Responsible Federal Budget do not necessarily represent the views of all members or staff of the Committee.