The mainstream media coverage concerning President Biden's remarks about Social Security during his State of the Union address and the Republican reaction has been remarkable in its ability to miss the point.  Pundits sparred over whether the Republicans or Democrats won, when the real story is who lost in this sideshow.  After all, it is the average, hardworking American who has paid into and therefore deserves Social Security. 

Unfortunately, everyday Americans who need to know whether or not they can rely on the trust fund received no worthy news coverage and likely won't for the next decade.

During his speech, Biden said, "So we all apparently agree: Social Security and Medicare is off the books now?"  In other words, we have agreed not to reduce benefits that weren't materially at risk anyway.  It was an agreement to do nothing, and Congress erupted in applause. 

That moment of unanimity made Congress look like a town hall of Yondu and the Ravagers, a spectacle of political theater through and through. 

As cosmetic as the exercise was, it spells real trouble for the millions of Americans who are in or approaching retirement.  At this point, someone who is turning 76 years old today on average expects to outlive the system's ability to pay scheduled benefits — that is, in a good economy.

If you are younger than 76 years old, the key point about the State of the Union Address to understand is simple: stop worrying about what the GOP is going to do to Social Security, and start paying attention to the nothingness that both parties are doing to stabilize the system on which millions depend for retirement security.

In reality, doing nothing is more destructive to Social Security than the passage of time.  Over the course of 2021, the program generated about $800 billion in unfunded liabilities solely because the calendar advanced from 2021 to 2022.  In fact, the majority of the problem we face today stems from congressional inaction over the past few decades.

To be clear, there is no one in the GOP with a plan that would reduce benefits more than Social Security plans to reduce benefits on its own. 

When Biden says that "some Republicans want to sunset Social Security," he is talking about one person: Sen. Rick Scott (R-Fla.).  However, what Biden described as a "Republican proposal" is actually a single sentence that doesn't mention Social Security. 

Here is Scott's actual plan: Congress will do its job.  That plan may not work, but no one in Washington is planning to put Social Security on the chopping block every five years.  

Did Biden use the State of the Union address to outline his vision for the future of Social Security?  Not really.  He loosely suggested that the solution to the problem is higher taxes on the wealthy but did not go as far as to promote a specific plan.

For example, Biden could have used the platform to sell voters on Social Security 2100: A Sacred Trust Act.  That proposal would raise more than $10 trillion in new money — all of it from the rich.

Most people would think that sum would solve the problem to some extent.  But they would be sadly disappointed.  The Social Security Administration projects that the trust fund would spend the new money so fast that Social Security would actually shorten the window for benefit cuts.

If I have a concern about the Republicans, it is that they have no plan at all.  They tend to talk vaguely about trimming the expense of the program without taking into account that the program generates more than a trillion dollars of revenue every year. 

It seems as though, for now, the plan is to reduce benefits somewhat while continuing to collect the same amount of taxes.  The thorn in that plan is that Social Security is scheduled to reduce benefits by a huge amount unless Congress finds a way to generate more cash for the program.

The State of the Union Address was an opportunity lost.  Biden could have used the platform to frame the problem for voters and offer a vision for the future.  Instead, he pursued the path of unanimity to do nothing, and Congress applauded itself.

I can't tell you whether Biden won, or the Democrats won, or the Republicans won.  I can tell you who lost: every American who is nearing retirement and believes he can depend on Social Security.

Brenton Smith (think@heartland.org) is a policy adviser with The Heartland Institute.

Image: SSA.