Last week, I also authored a joint op-ed in the Hill with Congressman Scott Peters (D-CA) as well as Senators Joe Manchin (D-WV) and Mitt Romney (R-UT) about the need to address our national debt and protect vital programs like Social Security and Medicare. Below is an excerpt from our column.
Getting out of this mess will require putting aside the political posturing. There are possible solutions that improve our nation’s fiscal future and preserve critical programs, like Medicare and Social Security. A bipartisan fiscal commission, like the one we are proposing, is the most practical and immediate chance we have to advance those solutions, address this crisis and protect seniors.
Those who claim a fiscal commission is simply a Trojan horse for cuts to Social Security and Medicare are engaging in fearmongering.
What will jeopardize these benefits is inaction — keeping the status quo. Social Security will become insolvent in less than 10 years, which would result in an automatic cut in benefits by 24 percent. That is unacceptable.
Those who propose doing nothing are effectively paving the road to bankruptcy of Social Security and Medicare.
Doing nothing is not an option. The longer we wait to address these challenges, the more difficult the road ahead becomes. Our entire column on addressing the national debt via a fiscal commission is available to read online here.