Just 10 days ago, after months of debate and deadlock, the
bipartisan Commission on Social Security accomplished the seemingly
impossible. Social security, as some of us had warned for so long,
faced disaster. I, myself, have been talking about this problem for
almost 30 years. As 1983 began, the system stood on the brink of
bankruptcy, a double victim of our economic ills. First, a decade
of rampant inflation drained its reserves as we tried to protect
beneficiaries from the spiraling cost of living. Then the recession
and the sudden end of inflation withered the expanding wage base
and increasing revenues the system needs to support the 36 million
Americans who depend on it.
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