Maya MacGuineas: The Time to Start Voting About Social Security is Now

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 the world’s largest and arguably most important retirement program. It keeps millions of seniors out of poverty and helps support the retirement of tens of millions more. It offers a lifeline to widows and other survivors. It reassures workers that no matter what happens in the stock market, they’ll have some floor of income as they age. And for the past 90 years, Social Security has never missed a full payment. Yet without congressional action, that streak will soon come to an end.

Before Americans go to the polls this election year, it’s more important than ever that they understand the facts about Social Security and the costs they will soon face.

Since 2010, the cost of Social Security benefits has exceeded the revenue coming in from payroll taxes and other sources. This year alone, the retirement program will face a $270 billion cash deficit. The trust fund built from surpluses in the late 1980s, 1990s and early 2000s is waning fast and soon will disappear altogether.

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.