There is no definitive beginning or ending to election season. In about four months midterm elections will be held, which could change the makeup of Congress and just two years later, 2020, is another presidential election. Election season keeps lasting longer and starting earlier and typically officials who are facing a re-election bid don’t want to pass controversial legislation. An overhaul to Social Security would certainly be controversial.
President Donald Trump even said so in a speech where he was quoted by the Washington Times about the likelihood of Social Security reform.
“As Republicans, if you think you are going to change very substantially for the worse Medicare, Medicaid and Social Security in any substantial way, and at the same time you think you are going to win elections, it just really is not going to happen. What we have to do and the way to solve our problems is to build a great economy,” Trump said.
Everyone agrees, there is no perfect way to solve the Social Security dilemma. The fact remains, sooner or later Social Security will not be able to meet 100 percent of benefit obligations, so something eventually has to be done. Ideas that have been floated include increasing and extending Social Security taxes to higher income workers, increasing the Social Security age, or even cutting Social Security benefits. None of these solutions would seem to be very popular and that is why most members of Congress don’t want to risk their jobs by backing controversial Social Security reform.
There will come a time Congress can’t wait any longer. About 60 percent of current beneficiaries rely on Social Security for more than half of their income and more than 30 percent rely on it for 90 percent of their income. If the time comes where Social Security benefits are reduced, it will be a catastrophic event for millions of Americans.
