It Is Too Costly Not to Reform Social Security

We would be left facing massive benefit cuts or tax hikes to cover the program’s shortfall

Letter to The WSJ.

"Your editorial “The DeSantis-Trump Social Security Punt” (Nov. 10) makes the important point that reforming Social Security isn’t merely wise policy but a mathematical necessity. You call out weak-kneed Republican candidates who offer no solution. Those opposed to reform will eventually leave us with massive benefit cuts or tax hikes to cover the program’s shortfall.

Instead of green-eye-shade proposals that punish younger workers, conservatives should champion free-market solutions. Let Americans put the Social Security taxes that they and their employees pay into an individual retirement account that will make money in the markets.

The Congressional Budget Office finds that the Old-Age and Survivors Insurance trust fund will become insolvent by the end of 2032. At this point, all seniors will be subject to a devastating 23% across-the-board cut to benefits. According to the Committee for a Responsible Federal Budget, “annual benefits would be cut by $17,400 for a typical newly retired dual-income couple.”

Brian Riedl of the Manhattan Institute finds that $116 trillion of the projected $119 trillion in projected deficits through 2053 are attributable to Social Security and Medicare. The additional burden of debt will result in significant reductions to economic growth, productivity and wages. Allowing retirement funds to be invested in safe market assets is a common-sense reform needed to protect seniors and our economy.

Conservatives must lead this debate to protect those who rely on Social Security and stop the devastating tax hikes that Democrats will force through should the program become insolvent.

David McIntosh

President, Club for Growth

Arlington, Va."