As of 2035, there won’t be enough revenue to pay benefits so if Congress does nothing benefits will automatically drop to 80%.
Some conservatives welcome this, but here’s why we should want to continue to expand Social Security…
It’d avoid a blue tsunami.
Some conservatives say we should “protect” Social Security, but I think we should say that we want to “continue to expand” Social Security because since we’re living longer we’re deriving evermore benefit from the same amount we’ve paid into it.
If the GOP doesn’t vote to continue to expand Social Security then we’ll lose BIG to the Democratic Party who will not only vote to continue to do so, but vote to expand virtually everything else too.
A more philosophical reason I support expanding Social Security is because cash transfers are one of the least harmful forms of government spending.
They’re more problematic when we give them to the young or poor as it disincentivizes work, but when we give it to the old and disabled then there’s less of a distortionary effect on their behavior since they tend to be more stuck in their ways.
Libertarians argue against giving out “free” money, but unless you also support ending public education and public assistance then you’ve already abandoned the principle where as a matter of principle I think providing some aid at the beginning of life as well as at the end makes good economic and moral sense.
Another reason to expand Social Security is that seniors tend to be conservative Republicans. I don’t believe in buying votes, but it seems like an odd hill to die on trying to stop our political opponents from giving more money to just about the only conservative demographic they’re willing to do so for.
A fourth reason to give seniors some extra money is because they disproportionally spend it on healthcare, which not only aids them in living longer, therefore increasing their voting bloc, but if there is one sector of the economy for which government should artificially inflate…