By Ben RItz
The Biden administration has sensibly rejected attempts by some far-right Republicans to hold the full faith and credit of the U.S. hostage in exchange for spending cuts. The administration now must show it will be open to good-faith budget negotiations after the impasse over the federal debt limit is resolved.
Unfortunately, the White House made a bad call last week, when spokesman Andrew Bates referred to the idea of a bipartisan commission that would make recommendations to shore up the solvency of Social Security and Medicare as “a death panel.” This throwback to Sarah Palin’s 2009 attack on the Affordable Care Act is as wrong now as it was then. President Biden should reconsider his administration’s stance.
Social Security and Medicare are the foundation of American retirement security—and they are in jeopardy if Congress doesn’t act. Both programs spend more on benefits than they raise in dedicated revenue. When their trust funds are exhausted, current law requires that benefits automatically be reduced to the level that can be paid with incoming revenue. That day is coming: According to the Congressional Budget Office and the programs’ trustees, it could be as soon as 2028 for Medicare Part A Hospital Insurance and 2033 for Social Security.
