Sen. Kay Bailey Hutchison (R-TX), in an exclusive interview with Heritage, criticized her liberal colleagues for opposing Social Security reform, warning that they would rather increase taxes on businesses.
Hutchison singled out Senate Majority Leader Harry Reid (D-NV) for his repeated assertions that Social Security is not in trouble. Reid has gone so far as to call it a “myth” perpetuated by conservatives.
“It’s clearly in trouble if its own trustees say its going bankrupt in 25 years,” Hutchison said in the interview. “If that’s not a signal to everyone that we’ve got to do something now, then I don’t know what it would take. You can either do something gradually so that it doesn’t hurt very much, but will keep it solvent in the long run, or you can do drastic things, which of course Harry Reid would like to increase the taxes on employers.”
Hutchison, who spoke about her reform plan last week at Heritage, said Social Security can be easily and effectively reformed — and must be to save the program from bankruptcy.
Social Security’s trustees alarmed many lawmakers last month with the prediction that the program would go bankrupt by 2036 if nothing is done. That’s a year earlier than last year’s projections.
Hutchison’s proposal would save Social Security without tax increases or core benefit cuts. It involves gradually increasing the Social Security age by 3 months, starting in 2016. With citizens in better health than at the start of Social Security, her plan is also a response to societal changes.
Hutchison made that case that Social Security reform should be part of any compromise Republican lawmakers strike with President Obama on the debt ceiling. The nation’s massive $14.3 trillion debt is one of the most critical issues facing Congress. While lawmakers have been debating a debt-limit increase, Hutchison believes reforms cannot be achieved through discretionary spending cuts alone.
Click here to watch Hutchison’s interview with Heritage or view her comments at last week’s event.
How can two US Senators be so far apart on "the myth" – Senator Reid, and "the Social Security's Trustee report – Senator Bailey Hutchison?
There are many "Truths" But, there is only one set of facts.
One Fact… Senator Reid ignores those facts that disagrees with his "myth".
Think about it.
Thanks Heritage
The 2036 is not correct. It will be in much less time and Medicare is now in trouble!
The issue for the esteemed Senator is to ask where is the investment on the SS surpluses, which have been built over the years? The money has been spent and the investment is in something called "American IOU". This money should never never have been used for public spending as Congress did in the 80's when they realized this was a way to hide 'true deficits"……
Medicare is worse and the Senator needs to focus on this time bomb NOW and LEAD and stop this PONZI scheme called SS and Medicare!
I do agree age limits need to be increased. In the 30's when the program started, the average age for citizens passing away was in the early 60's and retirement was 65…made sense. So it should be much higher than 69….. The average death rate age now is in the mid 70's and increasing to 80+ within 10 years…..a lot of people will receive benefits in years more than working years! So increasing age limit is one. But one must increase taxes, as well as cut benefits as well as re visiting how the money is invested (not just treasury bills).
Its a total top to bottom revision to a program that is #2 in spending. Medicare needs an increase in taxes now, as well as reduction in pharma and health care prices via controls (like Europe and Canada) ….Gov, and the folks in charge have put us in this position…and now they have no idea how to work out of it!