By Congressman Tom Cole
As the Chairman of the House Appropriations Committee and a natural budget hawk, I have studied ways to balance our budget, reduce the national debt, and keep more money in the hands of the taxpayers for many years now. Moreover, I am proud of the work my committee has done to get spending under control.
We have cut bloated programs, directed resources away from woke DEI initiatives, made double-digit reductions to multiple subcommittee bills, rooted out fraud and abuse, and overall have acted to put America on a financially responsible path. However, the Appropriations Committee cannot exclusively solve our nation’s looming deficit problem.
Discretionary spending, which is decided by members of Congress annually in the Appropriations Committee, consists of dollars used to fund government agencies and programs. However, this funding only amounts to roughly 28 percent of U.S. expenditures.
On the contrary, mandatory spending, which is not funded through the appropriations process, runs on autopilot. Mandatory spending is initiated through authorizing bills and covers all the costs associated with programs like Social Security, Medicare, and Medicaid. It, along with the interest payments on its’ debt, makes up about 72 percent of U.S. expenditures. Remember, as I said before, spending in the Appropriations Committee makes up only about 28 percent. The contrast here is stark, making it very clear that mandatory spending is the real cause of our national debt.
While mandatory spending includes multiple entitlement programs, in today’s column, I want to focus on Social Security, as this program specifically faces a $19 trillion deficit over the next thirty years. On top of that, Social Security faces projected trust fund depletion by 2034. This means that, without reform, starting in 2034, Social Security will only be able to pay what comes in and beneficiaries will only receive 77 cents on every dollar they are due – something we have all known about for years, although bad faith politicians will tell you otherwise in the spirit of trying to win their elections. Therefore, if my colleagues in Washington are serious about balancing our budget and ensuring long-term economic stability for this country we all love so much, we need to have real discussions about Social Security.
First, let me make this crystal clear: my desire to have discussions about the impending solvency of Social Security does not mean I want to cut the program. It is the contrary. I realize how vital this program is to so many Americans. I know what making a promise means. When a promise is made, you keep that promise– and Social Security is a promise we made to our seniors. It is now on us, the government, to keep that promise.
Back in 1983, President Reagan recognized the risk that Social Security was facing. Thus, he acted. Now, today, we are facing that same risk, so it is time to act again.
This is why, this week, I introduced the Bipartisan Social Security Commission Act. In fact, this is my seventh time consecutively leading or co-leading this legislation. The bill creates a bipartisan, bicameral, and independent commission of thirteen members appointed by the President and Congressional leaders in both parties. Within one year of its first meeting, the commission must report to Congress on the 75-year health of Social Security and provide recommendations for how to improve the program. The report must have a minimum of nine votes, guaranteeing a bipartisan consensus, and then the plan would receive an expedited consideration in Congress for an up and down vote.
The Bipartisan Social Security Commission Act would allow us to find commonsense solutions to ensure the long-term survival of Social Security. So, in conclusion, I say this to my congressional colleagues: I am not naive to the politically motivated temptation of ignoring the issue. However, a program that is crucial to the livelihoods of retired Americans is not political. This is real – and the cuts that are coming are also real. Please join me in supporting the Bipartisan Social Security Commission Act, as we must work together to keep our promise to American seniors.
