Alice Rivlin: “The Right Reason for Saving Social Security”

Alice Rivlin, a member of President Obama's fiscal commission and a senior fellow at the Brookings Institution, argues that Social Security is ripe for reform and now is the time to do it:

The right reason for saving Social Security is to reassure all Americans that this hugely successful program is solidly funded and will be there for the millions who depend on it when they need it. That such action will make a modest contribution to reducing long run deficits is a serendipitous by-product, not the central motivation. The reason for acting now rather than later is simply that the sooner we act the less drastic adjustments we have to make. These adjustments can involve revenue increases, future benefit reductions (including retirement age changes), or some of each. They need not be large if they are done soon and they need not have a significant effect on those currently retired or close to retirement.

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