Comments of Virginia P. Reno, Vice President for Income Security Policy at the National Academy of Social Insurance, prepared in October 2013.
The handout emphasizes that Social Security benefits are already being cut more than many people realize, due to changes enacted primarily in 1983. By 2050, net retirement benefits will be about 24% lower than they would have been in the absence of cuts already enacted.
The handout also makes the following points:
Social Security benefits are modest, yet they are the main income for most seniors and other beneficiaries.
Social Security is efficient and affordable.
Americans are willing to pay more to preserve Social Security.
Americans favor a Social Security package that increases taxes in two ways, raises benefits in two ways, and does not cut benefits.