Securing Our Financial Future: Social Security Reform Is Important

Unfortunately, some in Washington can see only as far as the next election. Such short-sighted vision threatens to drive one of the federal government’s most important programs, Social Security, right into the ground-and with it the financial security of our children and grandchildren. 

 

In 2018, Social Security will begin paying out more in benefits than it collects in taxes, putting the program in jeopardy for future generations. If left untouched, the program will eventually wither, and guess who will be called on to prop it up? Business. Private employers already fund half of Social Security, and they could be hit with significant payroll tax hikes if we don’t take steps to fix the program today.

 

The president is right in making Social Security reform a top priority in his second term, and Congress should make a good faith effort to work with him to achieve a solution. Many important details of the president’s proposal have not yet been fully developed or released, so we don’t know for sure what shape his plan will take after conversations with Congress and the American people. But we do know this much: Strong and immediate action is required to save the federal government’s retirement safety net.

 

Some members of Congress have dismissed Social Security reform before learning even a single detail of the president’s proposal. This head-in-the-sand mentality will leave our children and future business owners with a financial burden that they won’t be able to bear.

 

John Bachmann
Chairman
U.S. Chamber of Commerce