In a stunning turnaround, the senior citizens lobby AARP recently acknowledged the need to reform Social Security.
The powerful AARP often uses its lobbying clout to squelch talk of even slight cuts in future Social Security benefits. But now it says that it is open to some reductions in benefits down the road to keep the program solvent.
That’s a timely and welcome change, because Social Security and Medicare alike are running out of money.
Medicare is expected to go broke late this decade or early next decade, and Social Security will reach that point several years later. With huge numbers of baby boomers set to retire over the next few years, the money won’t be there to fund all the federal government’s promises of benefits.
And yet, when Republicans suggest reforming entitlements, Democrats claim that the GOP wants to harm senior citizens. As a result, nothing gets done, and the programs lurch closer to bankruptcy.
It is encouraging that AARP recognizes the need for reform. We hope Democrats follow suit soon – in time to avert economic disaster.