Mike Murphy: What's your plan to save Social Security?

Mike Murphy is senior vice president and chief of staff at the Committee for a Responsible Federal Budget. He recently wrote an opinion piece for NC Political News, an excerpt of which is below.

There’s one question that should be put to every candidate in next year’s Congressional elections. Because what’s at stake is not just another seat in the House or Senate, but the future of one of America’s most trusted programs.

That question is, “What’s your plan to save Social Security?” According to its own trustees, the program’s retirement trust fund will run dry in 2033. At that point, the law requires that benefits be reduced to conform to available revenue. This would represent a 21 percent across-the-board cut, costing the typical couple retiring that year about $16,500. And the longer we wait to solve this funding gap, the harder and more drastic the changes will need to be to ensure its solvency for generations to come. 

Read the entire piece here.

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