Udall and Beauprez Highlight Need to Fix Social Security
Former Senator Mark Udall, a Democrat who represented Colorado in the U.S. Senate from 2009 to 2015, and former Congressman Bob Beauprez, a Republican who represented Colorado’s 7th District in the House of Representatives from 2003 to 2007, recently published a guest commentary in The Denver Post calling for Social Security reform.
In writing about the need to balance Social Security’s finances, the bipartisan duo point to the trust fund’s looming insolvency – in 2032, less than seven years from now – and the consequences of inaction:
According to projections from the Social Security Trustees, the Social Security retirement trust fund will go insolvent in late 2032. When that happens, by law, program costs must be reduced, meaning an across-the-board benefit cut for beneficiaries, to match incoming revenues. The Trustees estimate that cut will equal 24%, the equivalent of an annual $18,400 loss for a typical couple retiring in 2033.
Udall and Beauprez rightly point to the fact that policymakers have known about this problem for decades and yet choose to ignore it.
As they explain:
Too often, when we hear promises made about Social Security, they involve pledges "to protect Social Security by not touching it.’" This may sound good, but it essentially guarantees that those benefit cuts will go into effect.
At insolvency, beneficiaries will face an across-the-board benefit cut of 24% – an unacceptable outcome. Policymakers will need to begin making the necessary changes to avoid this cut soon. As Udall and Beauprez discuss, the sooner these adjustments are made, the better, as we can phase them in across generations and give people time to plan ahead.
They conclude with a call to action:
Social Security is a sacred commitment to current and future retirees, one that assures all Americans that they will be supported in their old age and retirement. That commitment is on the financial rocks thanks to a longstanding bipartisan failure to preserve the program for future generations. We as voters deserve honest answers on what will be done to address Social Security’s insolvency, before it’s too late – the clock is ticking.
They are exactly right. Without near-term trust fund solutions, policymakers risk an across-the-board 24% benefit cut in 2032, less than seven years from today.
Read the full piece by Senator Udall and Congressman Beauprez here.
