Decision delays will only cause more pain

The political season is upon us and we will be inundated with rhetoric on many issues. Two domestic issues that have major consequences on the fiscal health of our nation in this century are Social Security and Medicare.

I support the media giving this issue consideration, and I hope the presidential and congressional candidates do the same. The sooner we address the long-range health of Social Security the less severe will be the solutions that must come sooner or later.

According to the 2007 report of the Trustees of the Social Security and Medicare funds, without any change in the present system Social Security benefits must be reduced in 2041. The Medicare Hospital Insurance Trust Fund will be exhausted in 2019. Politicians will propose solutions ranging from privatization schemes to ignoring the problem (i.e., a commission to study it one more time).

Neither extreme is acceptable in my view. We must confront a compromise position of increasing revenue and controlling benefit payments in the long term.

Two ideas that should be given serious discussion are lifting the cap on wages subject to the FICA tax and a gradual increase in the full retirement age beyond the age of 67 in the present law. I encourage all voters to gather information on this issue.

The Trustees report for 2007 can be found at socialsecurity.gov. The American Academy of Actuaries, www.actuaries.org, has a wealth of information of an unbiased nature. More can also be found at aarp.org.

Failure to act in a timely manner will result in draconian tax increases that were necessary in 1983. While that legislation did lead to the current solvency, it would have been far less severe had Congress acted in a more timely and responsible fashion.

Royce M. Blackwell

Elgin