Columnist Veronique de Rugy says it's high time both parties focus on entitlement program reform.
Republicans and Democrats have been tripping over each other to tell voters how committed they are to making zero changes to Social Security and Medicare. Meanwhile, the Social Security and Medicare Trustees just confirmed yet again that within 10 years the programs' funds will be insolvent.
Social Security, readers might remember, has been relying on its trust funds' IOU since 2010 to fully pay for retirees' benefits. Assets are running low and will be gone by 2033. When that happens, it won't be authorized to make the entirety of these payments -- only the amount it collects in payroll taxes. That's a 23% cut. You can tell a similar story about the Hospital Insurance Trust Fund for Medicare. By 2031, the program will be insolvent, and benefits will be cut by 11%.
Every generation has the opportunity and obligation to leave the country better than they found it. The Greatest Generation fought and won World War II; the least the boomers and Gen-Xers could do is fix this enormous time bomb we call entitlements. by signing up you agree to our terms of service In contrast, partisan reform ideas such as lifting the payroll tax cap or taxing the rich will not work. While each of these ideas might improve solvency a little bit, they aren't nearly sufficient to get the job done.These programs are also unfair to certain groups. Working seniors are so penalized by Social Security that they have only weak incentives to earn other money.
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