Journal Editorial: Social Security’s future should not be in jeopardy

The latest Social Security and Medicare Trustees Reports should serve as a warning bell that can no longer be ignored.

According to the report, Social Security’s trust funds are projected to be depleted in 2034. Medicare’s hospital insurance trust fund faces a similar challenge, with depletion projected in 2033. While these dates have not moved up from last year’s estimates, that is hardly a reason for celebration. Instead, it means Congress has been given another year to act – and has yet to do so.

Far too often, discussions about Social Security and Medicare become political footballs. Yet for millions of Americans, including more than 201,000 South Dakotans, these programs are not political issues. They are financial necessities.

Social Security was never intended to be a handout. Workers contribute to the system throughout their careers with the understanding that the benefits will be there when they retire. It is a promise between generations and between citizens and their government.

The numbers tell the story. Nearly 41 percent of South Dakotans receiving Social Security rely on those benefits for at least half of their family income. More than 18 percent depend on Social Security for 90 percent or more of their income. Those are not luxury dollars. They pay for groceries, rent or mortgage payments, utility bills, prescriptions, and doctor visits.

Imagine the impact if benefits were suddenly reduced by roughly 20 percent because Congress failed to address the program’s funding gap. For many retirees, there is no backup plan. A recent AARP survey found that 65 percent of Americans age 50 and older say they could not go six months without borrowing money or selling assets if Social Security disappeared.

The reality is that Social Security is not going bankrupt. The program will continue collecting payroll taxes and paying benefits. However, without congressional action, future benefits could be reduced. That outcome is unacceptable for those who spent decades paying into the system.

The challenge before Congress is not whether to save Social Security and strengthen Medicare. The challenge is finding the political courage to do it. Any solution will require compromise and bipartisan cooperation. Finger-pointing and campaign rhetoric will not preserve these programs.

Americans have upheld their end of the bargain. They worked, paid taxes, and planned their retirements around the promise that Social Security and Medicare would be there when needed.

Now it is time for Congress to uphold its end.

The clock is ticking toward 2034. The warning lights are flashing. The question is whether elected leaders will act before the crisis arrives, or continue kicking the can down the road until retirees are left paying the price.

For the sake of current retirees, future generations, and the integrity of a promise that has endured for nearly a century, Congress must act – and act soon.