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Delaying Social Security Reform Will Make Problems Far Worse; Cuts must get sharper; workers will have less time for better returns.(A)
Byline: JED GRAHAM
Almost a decade ago, a Clinton administration Social Security advisory panel issued a stark warning.
Although Social Security was projected to run surpluses for 20 years, the price of putting off difficult choices would be steep.
"If the nation delays making any changes in Social Security for another 10 years, it would require a 25% reduction in benefits to rebalance the system without tax increases," the panel's report stated.
Fast forward to 2005. President Bush has taken up the goal of reform that eluded Bill Clinton. The problem looks more daunting than ever. Waiting another decade will make reforms harder still.
With the nation on the verge of a huge demographic shift, benefits will begin to eclipse revenues by 2017.
By 2030, the ranks of senior citizens will balloon by 30 million. And because life spans are increasing, baby boomers will collect Social Security checks for longer than prior generations.
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