"If you wait, then you will need much more dramatic cuts and much higher tax increases," said Josh Gordon, Policy Director for the Concord Coalition, a nonpartisan group focused on deficit reduction. He said retiring baby boomers will create stresses on the system larger than the ones lawmakers were faced with in 1983, leaving them with a much wider gap to fill.
He noted that President Obama in February convened a deficit commission that is widely expected to suggest reforms in Social Security--in December, after the election.
"Right now there isn't the will to do anything. We're hoping that political will can be found, and hopefully the commission will help," said Gordon. "At some point we have to get serious about our long-term fiscal future, and the sooner we act the better."