We’ve all said or thought, ”I could do a better job than (name the member of Congress)” at one time or another, and with Congress’s approval ratings in single digits, who can blame us? But is it really that easy? Well here is your chance to find out.
We all know the importance of social security. Sixty-five percent of seniors lived at or below the poverty line before the program was developed. Today, thanks in large part to social security, the poverty rate for seniors is roughly the same as for all other age groups. Rarely has a program had such a profound effect.
However, as we all know, the Social Security Trust Fund is being drawn down faster than revenues can keep up. What this means is that around 2037, all of the relevant trust funds will be exhausted and every current and future beneficiary will be facing an immediate 21 percent benefit cut in 2038 — but only if Congress does nothing.
So, imagine today that you are the chair of the House Ways and Means Committee or the Senate Finance Committee, the two committees that oversee this valuable program. Can you fix Social Security for future generations? A reform plan I created using the Committee for a Responsible Federal Budget’s interactive tool “The Reformer” would shore up Social Security for future generations. Try it yourself here. Just remember, if you cut benefits too deeply or raise revenues too steeply, your party loses in the next election and your proposal fails.
Have fun, and let us know how you get social security back to solvency and keep your seat in Congress in the comments section below.