Congressmember Anthony Weiner is correct in stating that there is no need to panic about Social Security disappearing any time soon (December 30 issue). However, Weiner is wrong in thinking that this country can continue without making significant changes in the plan. At its current pace, Social Security will run out of money in roughly 30 years. Even the liberal Brookings Institution admits this fact.
Tough choices will have to be made so that Social Security will be there when today’s children retire. That means that we will have to choose among a combination of increasing the retirement age, increased payroll taxes and changing the inflation formula for benefit increases.
President Obama’s deficit commission recognizes this. It is time for our elected officials to make the tough choices instead of just passing the problem to the next generation.