LETTER: No time to waste on Social Security

The most inconvenient truth is that the U.S. Social Security system is fundamentally flawed and is bleeding red ink. In less than eight years, all retirees could see a 23 percent cut in benefits if nothing is done. Al Gore, in his opening passage, said this about climate change. He should have said it about Social Security:

“Future generations may well have occasion to ask themselves, ‘What were our parents thinking? Why didn’t they wake up when they had a chance?’ We have to hear that question from them, now.”

Congress should act now to stabilize Social Security — not procrastinate any longer, which only ensures that inevitable changes will be more drastic and economically harmful. The longer Congress waits, the more people will be locked into an unsustainable system, and the higher the burden will be on younger generations to finance it.

Canada, Germany, New Zealand and Sweden have adopted a range of effective policies to strengthen their pension systems. They can serve as examples for the United States. We need the cowards in D.C. to act now.