From Howard Gleckman writing for Forbes about Congressional ideas for commissions to come up with plans to address Social Security’s long term funding problems:
… [T]he reality is, these sorts of bipartisan commissions only work when a president throws his full weight behind them and Congress really wants to fix a problem, rather than find an excuse to continue to do nothing. …
Nobody needs a panel of experts to develop ideas. We’ve known for decades how to fix the system. Congress instead needs to find the political will to act. …
The history of past commissions is clear, and depressing. My bookcase is filled with high-minded proposals made by expert panels, mostly to address budget deficits. Many included excellent suggestions. None went anywhere. …
Who thinks there’s any will in Congress to actually do something about this now or any time soon? Without that any commission plan is bound to fail.
Taking it a step further, why do politicians lack the courage to act on a known problem like this? They don't want to make themselves a target for the ire of whomever is hurt by the solution. Do something that hurts workers, retirees and people with disabilities and you lose a lot of votes, likely enough to get you thrown out of office. Do something that hurts the very rich and you lose those fat campaign contributions and other treats they dangle out for those who bark and roll over on command. So how do you create the false impression that you are doing something about the problem while avoiding either result? As Mr. Gleckman says, order a commission report then do nothing about it.
ReplyDeleteNobody in Washington wants to touch this issue. Congress is more than happy to outsource the job so they can point the finger at the other side. We are headed for a 22% cut across the board since we have cowards in Washington who are unwilling to make tough decisions. The SSA solvency issue has been around for decades and we continue to kick the can down the road thinking we have ample time. The hard fact is time is almost up since the economy is not going to improve anytime soon and the solvency date will move up from 2032. It was only a couple of years ago that the solvency date was 2035. The millionaires in Washington should put down their martinis down and strengthen an important agency that many Americans rely on.
ReplyDeleteWe all know the options. Congress knows the options. No one will touch this issue until the “current” Congress and President during which the funds won’t be enough. The solution, whether one option or a combination of the options, will anger different people. It’s political suicide to advocate or vote on the solution until there’s no choice. It’s just reality.
ReplyDeleteThe *only* viable solution is a tax increase - raising the "cap" on income subject to FICA, currently $184,500. Democrats don't want to be saddled with what will be called in attack ads the "biggest tax increase in history" and Republicans would rather let the whole system fail than raise taxes on the rich.
ReplyDeleteBut it will have to be done by whoever wins Congress in the 2030 midterms, or benefit reductions will kick in, and whoever get the blame for *that* will be utterly demolished in the next election.
So neither party has any political incentive to do anything before it becomes an absolute emergency.
I fully expect Congress to sit back and do nothing to resolve the coming benefit cuts.
ReplyDeleteA Congressional commission couldn't find its arse when locked in a closet with a flashlight and 100 staffers to assist.
ReplyDeleteThey'd spend the first 100 years arguing over what constitutes an "arse".