Wanted: no plan for Social Security

U.S. Senate candidate Joni Ernst published an opinion piece in The Des Moines Register regarding Social Security. She used the term 'insolvent,” but partially redeemed herself by explaining that in roughly 20 years, Social Security will pay out 75 cents on the dollar of 'promised” benefits, if no legislation is passed. She was not specific about any remedies.

This is not to criticize Republican Ernst; her Democratic opponent, Bruce Braley, is also vague about his ideas regarding Social Security.

By announcing they are doing nothing, politicians could send a warning to Americans born after 1950. Many Americans could take corrective actions - either saving more or working longer.

Yes, this is a sacrifice, perhaps even an unfair sacrifice. However, it would be a big improvement.

In 2034, Americans older than 85 (born in 1949 or earlier) would suffer disproportionately. A palliative would be to have a gradually declining benefit scale. People born in 1974 would then be the first to bear the full 25 percent reduction down to seventy-five percent of the benefits.

Such a 'do-nothing” plan undoubtedly fails to meet all standards of equity. There is no plan that can meet all such standards. I am saying that politicians could do Americans a great service by putting them on warning that there is no political willto make drastic changes to Social Security.

' David George Surdam is an associate professor of economics at the University of Northern Iowa. Comments: david.surdam@uni.edu.