Washington, D.C. - The Campaign to Fix the Debt, a group founded by Senator Alan Simpson and Erskine Bowles after the Simpson-Bowles Fiscal Commission released a statement of support today for Congressman Ribble's proposal to save Social Security. Yesterday Reid Ribble released his proposal to end the debt ceiling showdown and protect this vital program. Below is their statement of support.

                                                                                            
For Immediate Release
Date: September 20, 2013
Contact: Jon Romano (romano@fixthedebt.org, 617-435-6613)

 
Statement from the Campaign to Fix the Debt in Support of Congressman Ribble

The following is a statement from Maya MacGuineas, President of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt:

“Social Security is on a path toward insolvency. In only three years, the Social Security Disability trust fund will be exhausted and by 2033 (when today’s 47 years olds are reaching the retirement age) the entire fund will be depleted. At that point, all beneficiaries – old, young, rich, poor – will face a 23 percent across-the-board benefit cut. This can and should be avoided through gradual modifications to the Social Security program, which we can start today.  

“The longer we wait to reform Social Security the harder it will be; the longer we wait to take action, the less time and resources workers will have to plan and adjust to any changes. Social Security is not our largest fiscal concern, but it is a significant contributor to growing entitlement costs in the coming decades. Moreover, the options to fix it are both well-known and politically achievable – particularly if they can be made now so gradual adjustments are allowed to accumulate over time.

“For these reasons and others, we strongly support Congressman Reid Ribble’s call to save and secure Social Security for future generations. Congressman Ribble identifies a number of options to begin the reform process, but as he rightly points out there are many additional choices available if our leaders are willing to act and negotiate in good faith.

“Fixing Social Security won’t solve all of our country’s fiscal challenges. But it would be a tremendous accomplishment and could help to spur economic growth, restore public faith in Washington, and secure the retirement of future generations of Americans.”

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For more information about the Campaign to Fix the Debt, please visit www.fixthedebt.org.