A Christmas Present And A Good Piece Of Advice

Created
Tue, 26/12/2023 - 06:00
Updated
Tue, 26/12/2023 - 06:00
Social Security expert Nancy Altman has some news Social Security is in safer hands: Last week, the Senate confirmed Martin O’Malley to be the next Commissioner of Social Security. This is a major achievement: It marks the first time in over 25 years that the Senate has confirmed a Social Security commissioner nominated by a Democratic president. Indeed, commissioners nominated by Democratic presidents have headed the Social Security Administration (“SSA”) for only eight years of the last 40. This fact is important because the Democratic and Republican parties have very different views about Social Security. Democrats created Social Security and in recent years have united around the need to protect and expand the system’s modest benefits.  In sharp contrast, when Social Security was enacted in 1935, Republicans in Congress were overwhelmingly hostile. From the early 1950s until recently, mainstream Republicans largely voted for protecting and expanding Social Security, as the program became established and highly popular among voters across the ideological spectrum. But in recent years, as the Republican Party became radicalized, Republican politicians have returned to deep opposition to Social Security — though mostly in a subtle fashion since they know their voters support the system. One way that they have expressed that hostility is by starving SSA of funding, undermining Social Security from within.  It is important to recognize that Social Security’s funding comes not from the general fund, which has run large and growing deficits. Rather, its funding comes from Social Security’s trust funds, which currently are in surplus in the…