A RECENT report by the Social Security Board of Trustees that the system’s trust funds could be exhausted by 2033 — three years earlier than the prior year’s estimate — ought to be a wake-up call for Democrats and Republicans to put country above party. It’s time to stop kicking the can down the road and work together toward a goal we all share: retirement security. As Americans live longer and our population ages, we need a reliable retirement system with strong public and private elements.
We are two executives with different views — one an FDR Democrat who heads a nonprofit health plan, the other a Reagan Republican who leads a private investment firm. But on the core issue of retirement security, we share common ground. We believe that Social Security, the most successful government program in our country’s history, is an indispensable base for all Americans’ retirement security. It needs to be preserved, and its solvency guaranteed. In addition, the system should be backed up by a robust private workplace savings system that all working Americans have access to.