Over the weekend, the Washington Post ran an op-ed authored by former Chairwoman of the Federal Reserve, Janet Yellen, along with four other former chairs of the White House Council of Economics.
In it, they argue that the recently passed Tax Cuts and Jobs Act will be to blame for our nation’s growing debt crisis – not massive federal entitlement programs like Social Security which have become impossible to sustain for the future.
In the piece, the authors argue that “The Social Security program needs only modest reforms to restore its 75-year solvency.”
“Modest reforms?” Are we talking about the same Social Security program here?
The federal government now spends nearly $1 trillion on Social Security annually – more than on the military, education, housing, food, transportation, energy, and the environment combined.
Back in 2005, President George W. Bush predicted that if no changes were made to Social Security, the system would go bankrupt by 2042.
But that prediction, as alarming as it was, has turned out to be too optimistic. A 2017 report projects that Social Security is just 16 years away from insolvency.
Here’s where it gets even crazier. Yellen and her cohorts argued that one way to fix Social Security is through “additional revenue.” Gee, why didn’t we think of th–oh wait, the taxes used to fund Social Security have been raised TWENTY TIMES since the program was created. Are these people even paying attention?
Shifting the blame for our debt crisis from entitlements to our newly introduced tax code, as this weekend’s Washington Post op-ed did, is a Houdini act that isn’t fooling anybody. It is a blatantly partisan ploy that attempts to distract attention from the real problem.
But America’s next generation doesn’t need a blame game. We need real solutions.
Social Security must be reformed so it exists as a safety net for those who need it most, not a future-killing entitlement program that creates barriers to young peoples’ financial success.
Our generation is rightly skeptical of paying into a program they will likely never see a return on. If our leaders fail to act, Social Security will bankrupt our country and limit opportunity for future generations of Americans. Sign the petition to fix Social Security today!