Rosie Dyess



Democrats' Last Act Shouldn't Be Expediting Social Security Insolvency

For Progressive Democrats, New Momentum Clashes With Old Debates - The

Democrats' Last Act Shouldn't Be Expediting Social Security Insolvency

The Social Security Trust Fund is projected to be exhausted by 2033, at which point the program will only be able to pay out 77% of promised benefits. This is a serious problem that will have a devastating impact on millions of Americans, particularly the most vulnerable. Despite this, Democrats are considering a number of proposals that would further weaken Social Security, including increasing benefits and expanding eligibility.

Such misguided policies would only hasten the insolvency of Social Security and make the problem worse for future generations. Instead, Democrats should be focused on strengthening Social Security and ensuring its long-term solvency.

The Problem with Democrats' Proposals

Democrats' proposals to increase benefits and expand eligibility would put an unsustainable strain on Social Security's finances. The program is already facing a long-term funding shortfall, and these proposals would only make the problem worse.

For example, one proposal would increase benefits by 2% across the board. This would cost an estimated $1.3 trillion over the next decade. Another proposal would expand eligibility for Social Security benefits to include stay-at-home parents and caregivers. This would cost an estimated $1.2 trillion over the next decade.

These proposals are unaffordable and would only hasten the insolvency of Social Security. They would also make it more difficult to address the program's long-term funding shortfall.

The Impact on Future Generations

Democrats' proposals to increase benefits and expand eligibility would have a devastating impact on future generations. These proposals would make it more difficult to address the program's long-term funding shortfall. As a result, future generations would be left with a smaller Social Security benefit or higher taxes to pay for the program.

In addition, Democrats' proposals would make Social Security more vulnerable to future economic downturns. If the economy were to experience a prolonged recession, Social Security's trust fund could be depleted even sooner than projected. This would have a devastating impact on millions of Americans, particularly the most vulnerable.

A Better Way Forward

Instead of pursuing unaffordable and unsustainable policies, Democrats should be focused on strengthening Social Security and ensuring its long-term solvency. There are a number of ways to do this, including gradually raising the retirement age, increasing the payroll tax rate, and reducing benefits for wealthier retirees.

These reforms would be difficult, but they are necessary to ensure that Social Security is there for future generations. Democrats should put the long-term health of Social Security ahead of short-term political considerations.

Conclusion

Social Security is a vital safety net for millions of Americans. Democrats should be focused on strengthening the program, not weakening it. Democrats' proposals to increase benefits and expand eligibility would only hasten the insolvency of Social Security and make the problem worse for future generations. Instead, Democrats should be focused on strengthening Social Security and ensuring its long-term solvency.

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