Save Social Security before it’s too late

For nearly a century, Social Security has provided life-sustaining economic security to millions of Iowa families. But in just eight short years, the Social Security Administration projects a 23% cut in monthly benefits unless Congress and the president act to fix the system.

The good news? There are pragmatic responsible solutions to keep Social Security solvent for generations to come. The bad news? Social Security is barreling toward insolvency. Congress — currently controlled by Republicans — is mired in chaos and dysfunction, unable or unwilling to make life more affordable for Americans, let alone fix Social Security.

Social Security is funded by payroll taxes paid by workers. But only wages up to a certain amount are taxed — in 2025, that cap will be $176,100. Every dollar earned above that is exempt from Social Security taxes.

One obvious and necessary fix is to raise it — or eliminate the cap entirely for the highest earners. Another option would be to tax investment income for wealthy taxpayers, who now contribute nothing to Social Security from their investment gains. The IRS estimates that U.S. millionaires and billionaires fail to pay roughly $150 billion every year in taxes they owe.

Some argue for cutting benefits. Their proposals include raising the retirement age (again), reducing payments for higher-income retirees, or slashing the benefits Americans are now receiving or will receive in the future.

In Iowa 701,000 people — including children, people with disabilities, and 547,000 retirees — rely on their monthly Social Security checks. A 23% cut in 2033 would slash more than$5,000 a year from each retiree’s income.

Cutting benefits would push millions into poverty, destabilize families, and create a bleak future. Without new revenue or deep benefit cuts, the system will buckle.

Many Americans believe Social Security is too sacred for politicians to jeopardize. But the past 10 months we learned nothing is sacred.

Republicans beholden to billionaires have aggressively embraced efforts to shrink the federal government’s role in supporting many vital programs. Social Security may be next.

Our Iowa Republican congressional delegation — Zach Nunn, Ashley Hinson, Mariannette Miller-Meeks, Randy Feenstra, Chuck Grassley, and Joni Ernst — has proposed zero reforms to save and strengthen Social Security. They refuse to consider any new revenue.

Democrats know the math. But too many are afraid to say it out loud, fearing nasty Republican attacks.

Without a storm of activism — from MAGA, Democrats, Independents and Republicans — Congress will continue to stall while the clock runs out. Each year policymakers delay reform, cuts to benefits become more likely.

Social Security must be a top issue — now. From now through the 2026 midterm elections, every federal candidate must answer two simple questions:

What specific ideas do you support to fix Social Security? Will you make fixing Social Security now and for generations to come an urgent priority?

Joe Bolkcom is a former Democratic state senator representing Iowa City. He lives in Des Moines. This piece appeared first in the Prairie Progressive