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with money from current contributors coming in the front end and money to current beneficiaries paid out the back end. As long as the amount of money coming in the front end of the pipe maintains a rough balance with the money paid out, the system can continue forever. There is no unsustainable progression driving the mechanism of a pay-as-you-go pension system, and so it is not a pyramid or Ponzi scheme. If the demographics of the population were stable, then a pay-as-you-go system would not have demographically-driven financing ups and downs, and no thoughtful person would be tempted to compare it to a Ponzi arrangement. However, since population demographics tend to rise and fall, the balance in pay-as-you-go systems tends to rise and fall as well. This vulnerability to demographic ups and downs is one of the problems with pay-as-you-go financing. But this problem has nothing to do with Ponzi schemes or any other fraudulent form of financing; it is simply the nature of pay-as-you-go systems.
1145:"The real choices for resolving the system's problems...require current lawmakers to raise revenue or cut spendingâto change the law now to explicitly raise future taxes or constrain future benefits." He discusses the 1983 Social Security amendments that followed the Greenspan Commission's recommendations. It was the commission's recommendations that provided political cover for both political parties to act. The changes approved by President Reagan in 1983 were phased in over time and included raising the retirement age from 65 to 67, taxation of benefits, cost of living adjustment (COLA) delays, and inclusion of new federal hires in the program. There was a key point during the debate when House members were forced to choose between raising the retirement age or raising future taxes; they chose the former. Senator
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male, investing the same $ 284,360 equally weighted into treasuries and high-grade corporate bonds over his working life, would own a PRA at retirement worth $ 904,982 which would pay an annuity of up to $ 7,372 per month (assuming that the dollar volume of such investments would not dilute yields so that they are lower than averages from a period in which no such dilution occurred.) Furthermore, they argue that the "efficiency" of the system should be measured not by costs as a percent of assets, but by returns after expenses (e.g. a 6% return reduced by 2% expenses would be preferable to a 3% return reduced by 1% expenses). Other advocates state that because privatization would increase the wealth of Social
Security users, it would contribute to
417:. During 2015, total benefits of $ 897 billion were paid out versus $ 920 billion in income, a $ 23 billion annual surplus. Excluding interest of $ 93 billion, the program had a cash deficit of $ 70 billion. Social Security represents approximately 40% of the income of the elderly, with 53% of married couples and 74% of unmarried persons receiving 50% or more of their income from the program. An estimated 169 million people paid into the program and 60 million received benefits in 2015, roughly 2.82 workers per beneficiary. Reform proposals continue to circulate with some urgency, due to a long-term funding challenge faced by the program as the ratio of workers to beneficiaries falls, driven by the aging of the
1857:. In this speech, which sparked the debate, it was Plan II of CSSS's report that Bush outlined as the starting point for changes in Social Security. He outlined, in general terms, a proposal based on partial privatization. After a phase-in period, workers currently less than 55 years old would have the option to set aside four percentage points of their payroll taxes in individual accounts that could be invested in the private sector, in "a conservative mix of bonds and stock funds". Workers making such a choice might receive larger or smaller benefits than if they had not done so, depending on the performance of the investments they selected.
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66 years of age; it is gradually rising to 67. However, most
Americans begin taking reduced early benefits at age 62. While Americans are living longer, much of the increase in life expectancy is among those with higher incomes. The Social Security Administration estimated that retirees who made above-average incomes in their working years live six years longer than they did in the 1970s. However, retirees in the bottom half of the income distribution live only 1.3 years longer. In addition, many lower-income workers have jobs that require standing or manual labor, which becomes increasingly difficult for older workers.
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using different probable future scenarios and be based on rational assumptions and reach rational conclusions, with the conclusions being no better (in terms of predicting the future) than the assumptions on which the predictions are based. With these predictions in hand, it is possible to make at least some prediction of what the future retirement security of
Americans who will rely on Social Security might be. It is worth noting that James Roosevelt, former associate commissioner for Retirement Policy for the Social Security Administration, claims that the "crisis" is more a myth than a fact.
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545:
756:(from the current 12.4%) or cutting benefits by 13.3% would address the program's budgetary concerns indefinitely; these amounts increase to around 16% and 24% if no changes are made until 2037. The value of unfunded obligations under Social Security during FY 2009 was approximately $ 5.4 trillion. In other words, this amount would have to be set aside today such that the principal and interest would cover the shortfall over the next 75 years. Projections of Social Security's solvency are sensitive to assumptions about rates of economic growth and demographic changes.
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faster than benefits for people who are better off." Opponents countered that middle-class retirees would experience cuts, and that those below the poverty line would receive only what they are entitled to under current law. Democrats also expressed concern that a Social
Security system that primarily benefited the poor would have less widespread political support. Finally, the issue of private accounts continued to be a divisive one. Many legislators remained opposed or dubious, while Bush, in his press conference, said he felt strongly about the point.
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1240:. For example, CBO wrote: "To bring the OASDI program as a whole into actuarial balance through 2087 with the taxable maximum set according to current law , the combined OASDI payroll tax rate could be permanently increased by about 3.5 percentage points...Under that option, the combined OASDI payroll tax rate would rise from 12.4 percent to 15.9 percent in 2015. Revenues credited to the Social Security trust funds in 2015 would increase by about 28 percent." This would raise taxes for a worker earning $ 50,000 by about $ 900 per year.
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payroll tax, fixing the cost of living adjustment, and modifying the indexing of initial benefits so they grow more slowly for more affluent people. In view of the collapse of market values, no one is likely to argue seriously for diverting existing revenues to private accounts, so the opportunity to craft a compromise is much greater than it was a few years ago. Fixing Social
Security would be a confidence building achievement for bi-partisan cooperation and would enhance our reputation for fiscal prudence."
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others". However, CBO also reported that: "CPI-E, an experimental version of the CPI that reflects the purchasing patterns of older people, has been 0.3 percentage points higher than the CPI-W over the past three decades". CBO estimates that reducing the COLA by 0.5% annually from its current computed amount would reduce the 75-year actuarial shortfall by 0.3% of GDP or about 50%. Reducing each year's COLA results in an annual compounding effect, with greater effect on those receiving benefits the longest.
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private accounts before any gains are available to the workers, then the net benefit could be small or nonexistent. And this is really a key to understanding the debate, because if, on the other hand, a system which mandated investment of all assets in U.S. Treasuries resulted in a positive net recapturing, this would illustrate that the captive nature of the system results in benefits that are lower than if it merely allowed investment in U.S. Treasuries (purported to be the safest investment on Earth).
63:
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Trust Fund. Because those assets consist solely of U.S. government securities, their redemption will represent a call on the federal government's general fund, which for decades has been borrowing the Trust Fund's surplus and applying it to its expenses to partially satisfy budget deficits. To finance such a projected call on the general fund, some combination of increasing taxes, cutting other government spending or programs, selling government assets, or borrowing would be required.
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fluctuated since its initial reading at 47% in 1989 and peaked as high as 60% in 2010. The percentage was 30% for those aged 50â64, but above 60% for those 18â49. This view runs contrary to the Social
Security Trustees Reports, which indicate that since payroll taxes are dedicated to the program by law, even without reform Social Security will pay about 75% of promised benefits after the Trust Fund is exhausted in the early 2030s.
1092:, which is the largest underfunded entitlement, repeal the 2001â2004 tax cuts, and balance the budget. They believe a growth trendline will emerge from these steps, and the government can alter the Social Security mix of taxes, benefits, benefit adjustments and retirement age to avoid future deficits. The age at which one begins to receive Social Security benefits has been raised several times since the program's inception.
574:(FICA), a payroll tax. Employers and employees are each responsible for making tax payments of 6.2% of wages in 2018 (12.4% total) as FICA contributions, typically withdrawn from paychecks. Non-employee contractors are responsible for the entire 12.4%. During 2018, Social Security taxes were levied on the first $ 128,400 of income for employment; amounts earned above that are not taxed. Covered workers are eligible for
1864:", his proposal would not affect the projected shortfall in Social Security tax receipts. Partial privatization would mean that some workers would pay less into the system's general fund and receive less back from it. Administration officials said that the proposal would have a "net neutral effect" on the system's financial situation, and that Bush would discuss with Congress how to fill the projected shortfall. The
2068:, Bush stated that reviving his proposal for privatizing Social Security would be one of his top two priorities for his last two years in office. In 2007, he continued to pursue that goal by nominating Andrew Biggs, a privatization advocate and former researcher for the Cato Institute, to be deputy commissioner of the Social Security Administration. When the Senate did not confirm Biggs, Bush made a
840:, a libertarian think tank, private accounts have a much higher rate of return than Social Security accounts. Conservatives tend to argue for a fundamental change in the structure of the program. Conservatives also argue that the U.S. Constitution does not permit the Congress to set up a savings plan for retirees (leaving this authority to the states), although the U.S. Supreme Court ruled in
496:(i.e., diverting payroll taxes or equivalent savings to private accounts) or raising the retirement age, but supported raising the annual maximum amount of compensation that is subject to the Social Security payroll tax ($ 137,700 in 20) to help fund the program. In addition, on February 18, 2010, President Obama issued an executive order mandating the creation of the bipartisan
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billion, while payments totaled $ 685.8 billion, resulting in a cash surplus (excluding interest) of $ 3.4 billion. Interest of $ 118.3 billion meant that the Social
Security Trust Fund overall increased by $ 121.7 billion (i.e., the cash surplus plus interest). The 2009 cash surplus of $ 3.4 billion was a significant reduction from the $ 63.9 billion cash surplus of 2008.
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earlier respectively than the previous report found. In June 2022, the
Treasury Department issued an updated report for the Old-Age and Survivors Insurance and Disability Insurance Trust Funds with revised projections for their ability to pay scheduled benefits to 2034 and 2057 respectively and by 2035 when hypothetically combined due to accelerated recovery from the
1057:. And it's only about one-quarter of the revenue lost each year because of President Bush's tax cuts â roughly equal to the fraction of those cuts that goes to people with incomes over $ 500,000 a year. Given these numbers, it's not at all hard to come up with fiscal packages that would secure the retirement program, with no major changes, for generations to come.
1777:, calculated in a report published in December 2004 that the proposed private accounts might generate $ 39 billion in fees, in NPV terms, over the next 75 years. This amount would represent only 1.2% of the sector's projected NPV revenues of $ 3.3 trillion over that timeframe. He concludes that privatization is "hardly likely to be a bonanza for Wall Street".
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guaranteed benefit and the return on the private account. The proponents' argument is that projected returns (higher than those individuals currently receive from Social
Security) and ownership of the private accounts would allow lower spending on the guaranteed benefit, but possibly without any net loss of income to beneficiaries.
1311:"andat coverage for all state and local workers newly hired after 2020" to "simplify retirement planning and benefit coordination for workers who spend part of their career working in state and local governments, and will ensure that all workers, regardless of employer, will retire with a secure and predictable benefit check";
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of the aisle have chosen not to frame the debate in this manner, presumably because of the unpleasantness involved in arguing that current retirees would have a much higher quality of life if Social
Security legislation mandated returns that were merely similar to the interest rate the U.S. government pays on its borrowings.
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investments was favored by 40% and opposed by 55%. Specific proposals that received more support than opposition (in each case by about a two-to-one ratio) were "Limiting benefits for wealthy retirees" and "Requiring higher income workers to pay Social Security taxes on ALL of their wages". The poll was conducted by
995:, Bush discussed the potential bankruptcy of the program. Democrats opposed the proposal. Bush campaigned for the initiative in a 60-day national tour. However, public support for the proposal only declined. The House Republican leadership tabled Social Security reform for the remainder of the session. In the
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longer such changes are delayed. For example, raising the payroll tax rate to 15% during 2016 (from the current 12.4%) or cutting benefits by 19% would address the program's budgetary concerns indefinitely; these amounts increase to 16% and 21% respectively if no changes are made until 2034. During 2015, the
1830:'s similar Social Security commission in 1996 had recommended through their own report that partial privatization be implemented. Bush's Commission to Strengthen Social Security (CSSS) issued a report in December 2001 (revised in March 2002), which proposed three alternative plans for partial privatization:
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2009:
in 2003, but it opposed his Social Security privatization initiative. In January 2005, before the State of the Union Address, the AARP ran advertisements attacking the idea. In response, USA Next launched a campaign against AARP. Charlie Jarvis of USA Next stated: "They are the boulder in the middle
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Another criticism of privatization is that while it might theoretically relieve the government of financial responsibility, in practice for every winner from moving risk from the collective to the individual there will be a loser, and the government will be held politically responsible for preventing
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Meanwhile, some investment-minded observers among those who do not support privatization, point out potential pitfalls to the Trust Fund's undiversified portfolio, containing only treasuries. Many of these support the government itself investing the Trust Fund into other securities, to help boost the
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that Social Security be stabilized by various tax and spend adjustments and gradually ending the process by which the general fund has been borrowing from payroll taxes. This requires increased revenues devoted to Social Security. Their plan, as with several other Social Security stabilization plans,
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The letter of support by the Alliance, a nonprofit, nonpartisan organization of 4 million, states that S. 567 "recognizes the true importance of this great American program and proposes measures that would both enhance benefits for current beneficiaries and strengthen the long-term solvency of Social
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The claims of the probability of future difficulty with the current Social Security system are largely based on the annual analysis made of the system and its prospects and reported by the governors of the Social Security system. While such analysis can never be 100% accurate, it can at least be made
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wrote in 2010: "The 75-year Social Security shortfall is about the same size as the cost, over that period, of extending the 2001 and 2003 tax cuts for the richest 2 percent of Americans (those with incomes above $ 250,000 a year). Members of Congress cannot simultaneously claim that the tax cuts for
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of unfunded obligations under Social Security was approximately $ 11.4 trillion over a 75-year forecast period (2016â2090). In other words, that amount would have to be set aside in 2016 so that the principal and interest would cover the shortfall for 75 years. The estimated annual shortfall averages
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Arno Tausch (2005) âWorld Bank Pension reforms and development patterns in the world system and in the âWider Europeâ. A 109 country investigation based on 33 indicators of economic growth, and human, social and ecological well-being, and a European regional case studyâ. A slightly re-worked version
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Still other critics focus on the quality of life issues associated with Social Security, claiming that while the system has provided for retiree pensions, their quality of life is much lower than it would be if the system were required to pay a fair rate of return. The party leadership on both sides
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In the weeks following his State of the Union speech, Bush devoted considerable time and energy to campaigning for privatization. He held "town meetings" at many locations around the country. Attendance at these meetings was controlled to ensure that the crowds would be supportive of Bush's plan. In
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candidates during the 2000 elections, would set aside an initially small but increasing percentage of each worker's payroll tax into a fund, which the worker would be allowed to invest in securities. Another eliminated the Social Security payroll tax completely for workers born after a certain date,
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think tank, counter that, "Based on existing private pension plans, it appears reasonable to assume that the costs of administering a well-run system of PRAs might be anywhere from a low of roughly 15 basis points (0.15%) to a high of roughly 50 basis points (0.5%)." They also point to the low costs
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Proponents argue that a privatized system would open up new funds for investment in the economy, and would produce real growth. They claim that the treasuries held in the current Trust Fund are covering consumption rather than investments, and that their value rests solely upon the continued ability
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think tank, calculates that a 40-year-old male with an income just under $ 60,000, will contribute $ 284,360 in payroll taxes to the Social Security Trust Fund over his working life, and can expect to receive $ 2,208 per month in return under the current program. They claim that the same 40-year-old
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introduced S. 567: Strengthening Social Security Act of 2013. Supporters of the bill state that "By making millionaires and billionaires pay the same rate of Social Security taxes as the rest of us, and by changing the method by which Social Security benefits are calculated, Sen. Harkin's bill would
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During 2015, payroll taxes were levied on the first $ 118,500 of income; earnings above that amount were not taxed. Approximately 6% of workers earned over this amount in 2011. Because of this limit, people with higher incomes pay a lower percentage of tax than people with lower incomes; the payroll
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Progressive indexing," would index initial benefits for low earners to wage growth (as under current law), index initial benefits for high earners to price growth (resulting in lower projected benefits compared to current-law promised benefits), and index benefits for middle earners to a combination
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On February 18, 2010, President Obama issued an executive order mandating the creation of the bipartisan National Commission on Fiscal Responsibility and Reform, which had the goal to "nsure lasting Social Security solvency, prevent the projected 22% cuts to come in 2037, reduce elderly poverty, and
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One way to measure mandatory program risks is in terms of unfunded liabilities, the amount that would have to be set aside today such that principal and interest would cover program shortfalls (spending over tax revenue dedicated to the program). These are measured over a 75-year period and infinite
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The CBO reported in July 2010 the effects of a series of policy options on the "actuarial balance" shortfall, which over the 75 year horizon is approximately 0.6% of GDP. Social Security is facing a long-run shortfall of approximately 1% GDP per year or $ 155 billion/year in 2012 dollars. Key reform
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circulate the first of a series of "lock box" proposals. These proposals would amend each house's rules, declaring it out of order to consider any bill that would contribute to a Social Security deficit unless a majority or supermajority votes to suspend the rules. All of these proposals failed, but
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Liberals argue that government has the obligation to provide social insurance, through mandatory participation and broad program coverage. During 2004, Social Security constituted more than half of the income of nearly two-thirds of retired Americans. For one in six, it is their only income.Liberals
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In May 2024, the annual trustees report was released with depletion date projections for the funds estimated at 2033 and 2098 respectively and by 2035 when combined. The 1990 board of trustees annual report estimated the depletion date of the combined funds would be in 2043, the 2000 and 2010 annual
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Payroll tax rates were cut during 2011 and 2012 as a stimulus measure; these cuts expired at the end of 2012. The Social Security Trustees estimated the amounts at $ 222 billion total; $ 108 billion in 2011 and $ 114 billion in 2012. Transfers of other government funds made the program "whole" as if
659:
Projections were made by the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds (OASDI) in their 71st annual report dated May 13, 2011. Expenses exceeded tax receipts in 2010. The Trust Fund is projected to continue to grow for several years
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strongly oppose. Some of the critics of Bush's plan argued that its real purpose was not to save the current Social Security system, but to lay the groundwork for dismantling it. They note that, in 2000, when Bush was asked about a possible transition to a fully privatized system, he replied: "It's
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increased risks they think privatization would cause. The general upward trend has been punctuated by severe downturns. Critics of privatization point out that workers attempting to retire during any future such downturns, even if they prove to be temporary, will be placed at a severe disadvantage.
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Current Social Security system advocates claim that when the risks, overhead costs and borrowing costs of any privatization plan are taken together, the result is that such a plan has a lower expected rate of return than "pay as you go" systems. They point out the high overheads of privatized plans
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saying that the cost of privatizingâestimated by some at $ 1 trillion to $ 2 trillionâwould worsen the federal budget deficit in the short term, and "That's not something I think the credit markets would appreciate". If, as in some plans, the interest expenditure on this debt is recaptured from the
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CBO estimated in 2010 that raising the retirement age to 70 gradually would eliminate half the 75-year funding shortfall. However, raising the retirement age disproportionally impacts lower-income workers and those who perform manual labor. The Social Security full payout retirement age in 2015 was
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summarized major reform proposals in January 2009: "Fixing Social Security is a relatively easy technical problem. It will take some combination of several much-discussed marginal changes: raising the retirement age gradually in the future (and then indexing it to longevity), raising the cap on the
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President Ronald Reagan stated in October 1984: "Social Security has nothing to do with the deficit...Social Security is totally funded by the payroll tax levied on employer and employee. If you reduce the outgo of Social Security that money would not go into the general fund to reduce the deficit.
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wrote in August 2016 that raising the Social Security payouts could reduce the savings rate, as the economy faced a post-crisis savings surplus, which was driving down interest rates: "...t current interest rates an increase in pay as you go social security could provide households with higher safe
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benefits. If a covered worker dies, his or her spouse and children may receive survivors' benefits. Social Security accounts are not the property of their beneficiary and are used solely to determine benefit levels. Social Security funds are not invested on behalf of beneficiaries. Instead, current
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There is a superficial analogy between pyramid or Ponzi schemes and pay-as-you-go insurance programs in that in both money from later participants goes to pay the benefits of earlier participants. But that is where the similarity ends. A pay-as-you-go system can be visualized as a simple pipeline,
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Furthermore, wealthier individuals generally have higher life expectancies and thus may expect to receive larger benefits for a longer period than poorer taxpayers, often minorities. A single individual who dies before age 62, who is more likely to be poor, receives no retirement benefits despite
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paper had noted that privatization would require "mobilizing the various coalitions that stand to benefit from the change...the business community, and financial institutions in particular". Soon after Bush's State of the Union speech, the Club for Growth began running television advertisements in
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has written a study, "The Fees of Private Accounts and the Impact of Social Security Privatization on Financial Managers", which calculates that, "Under Plan II of the President's Commission to Strengthen Social Security (CSSS), the net present value (NPV) of such payments would be $ 940 billion",
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Supporters of the current system argue that the long-term trend of U.S. securities markets cannot safely be extrapolated forward, because stock prices relative to earnings are already at very high levels by historical standards. They add that an exclusive focus on long-term trends would ignore the
1609:
To the extent that pension contributions are perceived as giving individuals rights to future pensions, the behavioral reaction of program participants to contributions will differ from their reactions to other taxes. In fact, they might regard pension contributions as providing an opportunity for
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Critics argue that privatizing Social Security does nothing to address the long-term funding concerns. Diverting funds to private accounts would reduce available funds to pay current retirees, requiring significant borrowing. An analysis by the Center on Budget and Policy Priorities estimates that
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CBO estimated in 2010 that removing the cap on the payroll tax (i.e., making all income subject to the flat payroll tax rate) would fully fund the program for 75 years. Removing the cap on income over $ 250,000 only (i.e., a "donut" in the tax code) would address about 75% of the program shortfall
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indicated preliminary views on Social Security reform. His website indicated that he "will work with members of Congress from both parties to strengthen Social Security and prevent privatization while protecting middle-class families from tax increases or benefit cuts. As part of a bipartisan plan
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Conservatives and libertarians argue that Social Security reduces individual ownership by redistributing wealth from workers to retirees and bypassing the free market. Social Security taxes paid into the system cannot be passed to future generations, as private accounts can, thereby preventing the
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commonly reported in the media. For example, CBO reported that for fiscal year 2012, the "On-budget Deficit" was $ 1,151.3 billion. Social Security and the Post Office are considered "Off-Budget". Social Security had an estimated surplus of $ 62.4 billion by CBO accounting (different from the $ 54
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projected in 2010 that an increase in payroll taxes ranging from 1.6%â2.1% of the payroll tax base, equivalent to 0.6%â0.8% of GDP, would be necessary to put the Social Security program in fiscal balance for the next 75 years. In other words, raising the payroll tax rate to about 14.4% during 2009
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The number of workers paying into the program was 5.1 per retiree in 1960; this declined to 3.3 in 2007 and is projected to decline to 2.1 by 2035. Furthermore, life expectancy continues to increase, meaning retirees collect benefits longer. Federal Reserve Chairman Bernanke has indicated that the
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of $ 18.9 trillion as of December 2015. Due to interest, the Trust Fund will continue increasing through the end of 2020, reaching a peak of approximately $ 2.9 trillion. Social Security has the legal authority to draw amounts from other government revenue sources besides the payroll tax, to fully
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A factor working against wealthier individuals and in favor of the poor with little other retirement income is that Social Security benefits become subject to federal income tax based on income. The portion varies with income level, 50% at $ 32,000 rising to 85% at $ 44,000 for married couples in
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However, the poll also indicated Americans are skeptical about the future of the program: "Among the overall public, just 14% expect that Social Security will have sufficient resources to provide the current level of benefits; 39% say there will be enough money to provide reduced benefits and 43%
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Privatization may not address Social Security's long-term funding challenges. The program is "pay as you go", meaning current payroll taxes pay for current retirees. Diverting payroll taxes (or other sources of government funds) to fund private accounts would drive enormous deficits and borrowing
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However, the funds from loans made have been spent along with other revenues in the general funds in satisfying annual budgets. At some point, however, absent any change in the law, the Social Security Administration will finance payment of benefits through the net redemption of the assets in the
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In each year since 1983, tax receipts and interest income have exceeded benefit payments and other expenditures, in 2009 by more than $ 120 billion. However, without further legislation, or change in benefits, this annual surplus will change to a deficit around 2021, when payments begin to exceed
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said on October 4, 2006: "Reform of our unsustainable entitlement programs should be a priority ... the imperative to undertake reform earlier rather than later is great." The tax increases or benefit cuts required to maintain the system as it exists under current law are significantly higher the
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Bush's April press conference detailed the proposal further, with Bush describing his preference in "a reform system should protect those who depend on Social Security the most" and describing his proposal as "a Social Security system in the future where benefits for low-income workers will grow
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According to a July 2015 Gallup poll, many Americans doubted they would get Social Security benefits, although the level of doubt was similar to readings going back to 1989. Over 50% of Americans said "they doubt the system will be able to pay them a benefit when they retire." The percentage has
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Under Pozen's plan, which is likely to be significantly altered even if the concept remains in legislation, all workers who earn more than about $ 25,000 a year would receive some benefit cuts. For example, those who retire in 50 years while earning about $ 36,500 a year would see their benefits
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Proponents of the current system argue if and when the Trust Fund runs out, there will still be the choice of raising taxes or cutting benefits, or both. Advocates of the current system say that the projected deficits in Social Security are identical to the "prescription drug benefit" enacted in
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proposed the "Bowles-Simpson" plan for making the system solvent. It combined increases in the Social Security payroll tax and reductions in benefits, starting several years in the future. It would have reduced benefits for upper-income workers while raising them for those with lifetime earnings
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The conservative position is often pro-privatization. There are countries other than the U.S. that have set up individual accounts for individual workers, which allow workers leeway in decisions about the securities in which their accounts are invested, which pay workers after retirement through
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announced that the Old-Age and Survivors Trust Fund was projected to be able to pay scheduled benefits until 2033 while the Disability Insurance Trust Fund was projected to be able to pay its benefits through 2057 (and through 2034 when the funds were hypothetically combined), 1 year and 8 years
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Social Security payroll taxes and interest received are added to the Fund, while expenses (payments to recipients) are deducted from the Fund. For example, during 2016, the initial balance as of January 1 was $ 2,780 billion. An additional $ 710 billion in payroll tax revenue and $ 87 billion in
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As such, the gift to the first generation is necessarily borne by subsequent generations. In this pay-as-you-go system, current workers are paying the benefits of the previous generation, instead of investing for their own retirement, and therefore, attempts at privatizing Social Security could
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had previously analyzed the commission's "Plan II" (the plan most similar to Bush's proposal) and had concluded that the individual accounts would have little or no overall effect on the system's solvency, and that virtually all the savings would come instead from changing the benefits formula.
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The Social Security Administration explained in 2011 that historically, an average of roughly 83% of covered earnings have been subject to the payroll tax. In 1983, this figure reached 90%, but it has declined since then. As of 2010, about 86% of covered earnings fall under the taxable maximum.
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Immediately after Bush's State of the Union speech, a national poll brought some good news for each side of the controversy. Only 17% of the respondents thought the Social Security system was "in a state of crisis", but 55% thought it had "major problems". The general idea of allowing private
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commission "to study and report specific recommendations to preserve Social Security for seniors while building wealth for younger Americans", with the specific directive that it consider only how to incorporate "individually controlled, voluntary personal retirement accounts". The majority of
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Privatization proponents counter that the savings to the government would come through a mechanism called a "clawback", where profits from private account investment would be taxed, or a benefit reduction meaning that individuals whose accounts underperformed the market would receive less than
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for Urban Wage Earners and Clerical Workers" or CPI-W. According to the CBO: "Many analysts believe that the CPI-W overstates increases in the cost of living because it does not fully account for the fact that consumers generally adjust their spending patterns as some prices change relative to
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Advocates of major change in the system generally argue that drastic action is necessary because Social Security is facing a crisis. In his 2005 State of the Union speech, President George W. Bush indicated that Social Security was facing "bankruptcy". In his 2006 State of the Union speech, he
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of 2008â2010 has significantly reduced the amount of payroll tax income that funds Social Security. Further, the crisis also caused more to apply for both retirement and disability benefits than expected. During 2009, payroll taxes and taxation of benefits resulted in cash revenues of $ 689.2
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The balances in the Trust Fund are projected to be depleted either by 2036 (OASDI Trustees' 2011 projection), or by 2038 (Congressional Budget Office's extended-baseline scenario) assuming proper and continuous repayment of the outstanding treasury notes. At that point, under current law, the
1582:
Both wholesale and partial privatization pose questions such as: 1) How much added risk will workers bear compared to the risks they face under current system? 2) What are the potential rewards? and 3) What happens at retirement to workers whose privatized risks turn out badly? For workers,
1578:
Even some of those who oppose privatization agree that if current future promises to the current young generation are kept in the future, they will experience a much lower rate of return than past retirees have. Under privatization, each worker's benefit would be the combination of a minimum
1232:
The CBO estimated in January 2012 that raising the full retirement age for Social Security from 67 to 70 would reduce outlays by about 13%. Raising the early retirement age from 62 to 64 has little impact, as those who wait longer to begin receiving benefits get a higher amount. Raising the
1599:
has agreed with this reply, noting, "To the extent that pension contributions are perceived as giving individuals rights to future pensions, the behavioral reaction of program participants to contributions will differ from their reactions to other taxes. In fact, they might regard pension
730:
shortfall over the next 75 years. This is because income over the payroll tax cap ($ 127,200 in 2017) is not taxed; if individuals generate higher income above the taxable income limit, that lack of additional taxation results in lower funding than possible if there were no income limit.
1545:
President Bush's 2005 privatization proposal would add $ 1 trillion in new federal debt in its first decade of implementation and $ 3.5 trillion in the decade thereafter. The 2004 Economic Report of the President found that the federal budget deficit would be more than 1 percent of
1675:. Proponents of the current system suspect that for the individuals whose risks turn out badly, these same individuals will support political action to raise state benefits, such that the risks such individuals may be willing to take under a privatized system are not without
1955:
reported internal Social Security Administration documents directing employees to disseminate the message that "Social Security's long-term financing problems are serious and need to be addressed soon", and to "insert solvency messages in all Social Security publications".
1618:. From their perspective, the major deficiency of any privatization scheme is risk. Like any private investments, PRAs could fail to produce any return or could produce a lower return than proponents of privatization assert, and could even suffer a reduction in principal.
2162:
It has been argued that the first generation of social security participants have, in effect, received a large gift, because they received far more benefits than they paid into the system. The term associated with this historical imbalance has been coined "legacy debt".
1706:, wrote in a February 15, 2005 article that " reduce the role of government in determining retirement ages and incomes, and improve government accounting of revenues and spending obligations". He compares the privatization of Social Security to the privatization of the
445:
fund the program, while the Trust Fund exists; however, payouts greater than payroll tax revenue and interest income over time will liquidate the Trust Fund by 2035, meaning that only the ongoing payroll tax collections thereafter will be available to fund the program.
1667:'s 1996 Social Security commission that studied the issue; the majority of the group supported partial privatization, and other members put forth the idea that Social Security funds should themselves be invested in the private markets to gain a higher rate of return.
625:
The number of program recipients was 60.9 million in 2016, up approximately 0.9 million from 2015. The number receiving retirement benefits rose by 1.2 million, while the number receiving survivors and disability benefits fell by a total of approximately 0.3 million.
1872:
As illustrated by the CBO analysis, one possible approach to the shortfall would be benefit cuts that would affect all retirees, not just those choosing the private accounts. Bush alluded to this option, mentioning some suggestions that he linked to various former
688:. In March 2023, the Treasury Department issued the annual trustees report for the Old-Age and Survivors Insurance and Disability Insurance Trust Funds with depletion date projections for the funds estimated at 2033 and 2097 respectively and by 2034 when combined.
1023:
described entitlement reform (including Social Security) as a "national challenge" that, if not addressed timely, would "present future Congresses with impossible choices â staggering tax increases, immense deficits, or deep cuts in every category of spending".
1885:
In his speech, Bush did not address the issue of how the system would continue to provide benefits for current and near-future retirees if some of the incoming Social Security tax receipts were to be diverted into private accounts. A few days later, however,
1718:
Opponents of privatization also decry the increased management costs that any privatized system will incur. Dishonest schemes can be sold to naive buyers in which pension values are bled through fees and commissions such as happened in the UK in 1988â1993.
1797:
Most state pension plans invest a portion of employer and employee contributions in a mixture of stocks, bonds, real estate, etc., which they or professional fund managers invest on behalf of the employees, without creating individual investment accounts.
1583:
privatization would mean smaller Social Security checks, in addition to increased compensation from returns on investments, according to historical precedent. Debate has ensued over the advisability of subjecting workers' retirement money to market risks.
1367:
considers any reduction in future promised benefits to be a "cut". However, others dispute this assertion because under any indexing strategy the actual or nominal amount of Social Security checks would never decrease but could increase at a lesser rate.
1605:
Privatization advocates nonetheless do not believe that social security taxes will be sufficiently regarded as pension contributions as long as they remain legally structured as taxes (as opposed to being contributions to their own private pensions).
1586:
A technical economic argument for privatization is that, without it, the payroll taxes that support Social Security constitute a tax wedge that reduces the supply of labor, like other tax financed government welfare programs. Liberal economists like
2243:
that year stated, "The so-called reserve fund estimated at forty-seven billion dollars for old age insurance is no reserve at all, because the fund will contain nothing but the Government's promise to pay, while the taxes collected in the guise of
1048:
here is a long-run financing problem. But it's a problem of modest size. The report finds that extending the life of the Trust Fund into the 22nd century, with no change in benefits, would require additional revenues equal to only 0.54 percent of
672:
system's benefits would have to be paid from the FICA tax alone. Revenues from FICA are projected at that point to be continue to cover about 77% of projected Social Security benefits if no change is made to the current tax and benefit schedules.
1556:
Opponents of privatization also point out that, even conceding for sake of argument that what they call highly optimistic numbers are true, they fail to count what the transition will cost the country as a whole. Gary Thayer, chief economist for
1613:
Supporters of the current system maintain that its combination of low risks and low management costs, along with its social insurance provisions, work well for what the system was designed to provide: a baseline income for citizens derived from
2093:
going to take a while to transition to a system where personal savings accounts are the predominant part of the investment vehicle...This is a step toward a completely different world, and an important step." His comment is consonant with the
1722:
Since the U.S. system is passively managedâwith no specific funds being tied to specific investments within individual accounts, and with the system's surpluses being automatically invested only in treasuriesâits management costs are very low.
1646:
has said that there would be no net new funds for investment, because any money diverted into private accounts would produce a dollar-for-dollar increase in the federal government's borrowing from other sources to cover its general deficit.
1877:
officeholders. He did not endorse any specific benefit cuts himself, however. He said only, "All these ideas are on the table." He expressed his opposition to any increase in Social Security taxes. Later that month, his press secretary,
1195:
Removing the cap on the payroll tax. Income over a threshold ($ 110,100 in 2012) is not subject to the payroll tax, nor are additional benefits paid to those with income above this level. Removing the cap would fund the entire 75-year
1134:, formerly served as a chairman of a national panel on Social Security's financial status; he has said that future options for Social Security are clear: "You either raise taxes or you cut benefits. There are lots of ways to do both."
956:, reached a secret agreement to reform Social Security. The agreement required both the President and the Speaker to forge a centrist coalition by persuading moderate members of Congress from their respective parties to compromise.
2072:, enabling Biggs to hold the post without Senate confirmation until December 2008. During his last days in office, Bush said that spurring the debate on Social Security was his most effective achievement during his presidency.
1331:
that would be phased in over many years, he would ask families making over $ 250,000 to contribute a bit more to Social Security to keep it sound." He has opposed raising the retirement age, privatization, or cutting benefits.
986:
outlined a major initiative to reform Social Security which included partial privatization of the system, personal Social Security accounts, and options to permit Americans to divert a portion of their Social Security tax
696:
published in November 2006, 85 percent agreed with the statement: "The gap between Social Security funds and expenditures will become unsustainably large within the next fifty years if current policies remain unchanged."
1770:
and, "amounts to about one-quarter (25%) of the NPV of the revenue of the entire financial sector for the next 75 years", and concludes that, "The fees would be the largest windfall gain in American financial history".
1033:, The Center for Economic and Policy Research, says that "Social Security is more financially sound today than it has been throughout most of its 69-year history" and that Bush's statement should have no credibility.
527:
CBO forecast of Social Security tax revenues and outlays from 2015 to 2085. Under current law, the outlays are projected to exceed revenues, requiring a 29% reduction in program payments starting around 2030 once the
2126:. The benefit paid to each worker is also calculated using the wage base on which the tax was paid. Changing the system to tax all earnings without increasing the benefit wage base would result in the system being a
881:
In the United States in the late 1990s, privatization found advocates who complained that U.S. workers, paying compulsory payroll taxes into Social Security, were missing out on the high rates of return of the U.S.
452:
Payroll taxes will only cover about 79% of the scheduled payout amounts from 2034 and beyond. Without changes to the law, Social Security would have no legal authority to draw other government funds to cover the
1007:
averaging less than $ 11,000 a year. Republicans rejected the tax increases and Democrats rejected benefit cuts. A powerful network of elderly and liberal organizations and union workers also fought any changes.
460:
in government funds from sources other than payroll taxes. This is a funding challenge for the government overall, not just Social Security; however, as the Trust Fund is reduced, so is that component of the
692:
reports estimated the depletion date of the combined funds would be in 2037, and the 2020 annual report estimated the depletion date of the combined funds would be in 2035. In a survey of 210 members of the
1186:
Note: CBO estimates that policy changes with a 0.6% of GDP annual impact are sufficient to address the 75-year program shortfall. Abbreviations are explained in the chart page. Source: CBO Report-July 2010.
1419:
reduced by 20 percent from the benefits promised under the current plan. Those who earn $ 90,000 â the maximum income in 2005 for payroll taxes â and retire in 2055 would see their benefits cut 37 percent.
1209:
Raising the payroll tax rate. Raising the rate by one percentage point would cover half the shortfall for 75 years. Raising the rate by two percentage points gradually over 20 years would cover the entire
2167:
noted that "the initial designers of the Social Security System in 1935 had envisioned the building of a large trust fund", but "the 1939 amendments and subsequent changes prevented this from happening".
1085:
2002. They say that demographic and revenue projections might turn out to be too pessimisticâand that the current health of the economy exceeds the assumptions used by the Social Security Administration.
1223:
of unfunded obligations under Social Security was approximately $ 8.6 trillion over a 75-year forecast period (2012-2086). The estimated annual shortfall averages 2.5% of the payroll tax base or 0.9% of
2223:
that it issues to itself. The government then spends its new funds on unrelated projects such as bridge repairs, defense, or food stamps. The funds are not invested for the benefit of present or future
1202:
Reducing cost of living adjustments (COLA), which are annual payout increases to keep pace with wages. Reducing each year's COLA by 0.5% versus the current formula would fund half the shortfall over 75
641:
interest added to the Fund during 2016, while expenses of $ 776 billion were removed from the Fund, for a December 31, 2016 balance of $ 2,801 billion (i.e., $ 2,780 + $ 710 + $ 87 - $ 776 = $ 2,801).
3713:
2134:
years of paying Social Security tax. On the other hand, an individual who lives to age 100, who is more likely to be wealthy, is guaranteed payments that are more than he or she paid into the system.
777:
billion reported by the Trustees) and the Post Office had a deficit of $ 0.5, resulting in a "Total Budget Deficit" of $ 1,089.4 billion. This latter figure is the one commonly reported in the media.
1549:(GDP) higher every year for roughly two decades; U.S. GDP in 2008 was $ 14 trillion. The debt burden for every man, woman, and child would be $ 32,000 higher after 32 years because of privatization.
1344:
The current system sets the initial benefit level based on the retiree's past wages. The benefit level is based on the 35 highest years of earnings. This initial amount is then subject to an annual
1926:
donors were asked after the election to help raise $ 50 million or more for a campaign in support of the proposal, with contributions expected from such sources as the fiscally conservative
925:
Social Security payouts are indexed to wages, which historically have exceeded inflation. As such, Social Security payments are protected from inflation, while private accounts might not be;
874:
funded by the individual accounts, and which allow the funds to be inherited by the workers' heirs. Such systems are referred to as 'privatized.' Currently, the United Kingdom, Sweden, and
432:
Social Security has collected approximately $ 2.8 trillion more in payroll taxes and interest than have been paid out since tax collection began in 1937. This surplus is referred to as the
5254:
1946:
called "Americans United to Protect Social Security" "set its sights on killing Bush's privatization plan and silencing his warnings that Social Security was 'headed toward bankruptcy.'"
290:
5229:
1794:
and allowed workers of different ages different periods of time during which they could opt to not pay the payroll tax, in exchange for a proportional delay in their receipt of payouts.
1600:
contributions as providing an opportunity for retirement saving, in which case contributions should not be deducted from household's earnings and should not be included in the tax wedge
3833:
1431:
of the monthly benefit level would be frozen, rather than increasing by the difference between the (typically higher) CPI-W and (typically lower) CPI-U, a broader measure of inflation.
1314:
Educating future retirees about "the full implications of various retirement decisions, with an eye toward encouraging delayed retirement and enhanced levels of retirement savings"; and
207:
1065:
The Trust Fund, under current law (blue) and under privatization (red) as per "Model 2" considered in the 2001 commission report (graph from "Social Security Trust Fund" by zFacts.com)
305:
1983:, a Republican, were nevertheless ejected from the meeting before Bush appeared, because they had arrived at the event in a car with a bumper sticker reading "No More Blood for Oil".
1621:
Advocates of privatization have long criticized Social Security for lower returns than the returns available from other investments, and cite numbers based on historical performance.
1290:
1003:
497:
488:
in 2000 and 5.0% GDP in 2015. This is projected to increase gradually to 6.4% of GDP in 2035 and then decline to about 6.1% of GDP by 2055 and remain at about that level through 2086.
168:
4331:
1900:
at which he provided additional detail about the proposal he favored. For the first time, he endorsed reducing the benefits that some retirees would receive. He endorsed a plan from
1553:
current benefit schedules, although, even in this instance, the heirs of those who die early could receive increased benefits even if the accounts underperformed historical returns.
861:
returns than private investments. More generous Social Security would likely reduce the saving rate, thereby raising the neutral interest rate with no change in budget deficits."
388:
300:
280:
2455:
The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform, National Commission on Fiscal Responsibility and Reform 48â53 (Dec. 2010), available at
2057:; Social Security was not included, and Bush's proposal was considered by many to be dead. In September, some Congressional Republicans pointed to the budgetary problems caused by
652:. At the end of 2009, the Trust Fund stood at $ 2.5 trillion. The $ 2.5 trillion amount owed by the federal government to the Social Security Trust Fund is also a component of the
4450:
4109:
The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform, National Commission on Fiscal Responsibility and Reform 14 (Dec. 2010), available at
2288:
for both information about the program, as it currently exists, and historical information about the creation of the program in the mid-1930s and the controversies at that time.
3931:
5314:
4121:
The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform, National Commission on Fiscal Responsibility and Reform (Dec. 2010), available at
2275:
1837:: Up to two percent of taxable wages could be diverted from FICA and voluntarily placed by workers into private accounts for investment in stocks, bonds, and/or mutual funds.
2118:, have said that Social Security redistributes wealth from the poor to the wealthy. Workers must pay 12.4%, including a 6.2% employer contribution, on their wages below the
1081:
warned in May 2013 that the "window for effective action" to take place was "rapidly closing", with less favorable options available to rectify the problems as time passes.
6230:
2061:
as a further obstacle to acting on the Bush proposal. Congress did not enact any major changes to Social Security in 2005, or before its pre-election adjournment in 2006.
1773:
Other analysts argue that dangers of a Wall Street windfall of such magnitude are being vastly overstated. Rob Mills, vice-president of the brokerage industry trade group
429:. Program payouts began exceeding cash program revenues (i.e., revenue excluding interest) in 2011; this shortfall is expected to continue indefinitely under current law.
239:
4750:
4136:
1849:: One percent of wages on top of FICA, and 2.5% diverted from FICA up to a maximum of $ 1000, could be voluntarily placed by workers into private accounts for investment.
922:
Privatization converts the program from a "defined benefits" plan to a "defined contribution" plan, subjecting the ultimate payouts to stock or bond market fluctuations;
319:
2046:
Despite Bush's emphasis on the issue, many Republicans in Congress were not enthusiastic about his proposal, and Democrats were unanimously opposed. In late May 2005,
1388:
would lower the COLA or benefit levels for higher wage groups, with no impact or lesser impact on lower-wage groups. The Congressional Research Service reported that:
1317:
Enhancing dialogue regarding the importance of personal retirement savings and responsibility, including a focus reducing personal debt and increasing personal assets.
878:
are the most frequently cited examples of privatized systems. The experiences of these countries are being debated as part of the current Social Security controversy.
87:
1843:: Up to four percent of taxable wages, up to a maximum of $ 1,000, could be diverted from FICA and voluntarily placed by workers into private accounts for investment.
6362:
1012:
813:
Retirees and others who receive Social Security benefits have become an important bloc of voters in the United States. Indeed, Social Security has been called "the
558:
3192:
413:
program officially called "Old-age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated
1293:
published their final report in December 2010. The co-chairmen estimated the effects of alternative solutions, along with an estimated program deficit reduction:
1100:
295:
285:
275:
6562:
1919:, and since he made it clear in his nationally televised January 2005 speech that he intended to work to partially privatize the system during his second term.
1907:
Although Bush's State of the Union speech left many important aspects of his proposal unspecified, debate began on the basis of the broad outline he had given.
1461:
expand Social Security benefits by an average of $ 800 per recipient per year while also keeping the program solvent" for "generations". Supporters include the
5446:
6444:
3717:
817:
of American politics" â meaning that any politician sparking fears about cuts in benefits by touching the program endangers his or her political career. The
6154:
5893:
5570:
1968:
612:
2122:($ 102,000 in 2008), but no tax on income in excess of this amount. Therefore, high earners pay a lower percentage of their total income, resulting in a
914:
The liberal position is typically anti-privatization. Those who have taken an anti-privatization position argue several points (among others), including:
3649:
1893:
stated that the plan would require borrowing $ 758 billion over the period 2005 to 2014; that estimate has been criticized as being unrealistically low.
381:
3995:
2409:
270:
185:
3622:
3127:
1070:
It would go into the Social Security trust fund. So, Social Security has nothing to do with balancing a budget or erasing or lowering the deficit."
2736:
2013:
The tone of the debate between these two interest groups is merely one example among many of the tone of many of the debates, discussions, columns,
680:
661:
656:, which stood at $ 15.7 trillion as of May 2012. By 2017, the government had borrowed nearly $ 2.8 trillion against the Social Security Trust Fund.
122:
4547:
6465:
6408:
6106:," in James Mahoney and Kathleen Thelen, Explaining Institutional Change: Ambiguity, Agency and Power. Cambridge: Cambridge University Press 2010.
5068:"State of the Union / Bush honors Iraq sacrifices, vows Social Security overhaul / ANALYSIS: President skirts talk of benefit cuts, tax increases"
2216:
2188:
from business activity. In particular, they describe a sustainability problem that they say happens when the number of new contributors declines.
1487:
1364:
988:
723:
571:
263:
97:
5258:
1986:
Opponents of Bush's plan have analogized his dire predictions about Social Security to similar statements that he made to muster support for the
928:
Privatization would represent a windfall for Wall Street financial institutions, who would obtain significant fees for managing private accounts.
6261:
5429:
4433:
4122:
4110:
2456:
6567:
6531:
5976:
4630:
1252:
publishes its views on Social Security reform options periodically. It summarized its views on a series of reform options during October 2012.
760:
719:
254:
249:
244:
202:
192:
2872:
4420:
3913:
3557:
3526:
2065:
1610:
retirement saving, in which case contributions should not be deducted from household's earnings and should not be included in the tax wedge.
374:
1054:
6398:
2849:
2691:
1228:(a measure of the size of the economy). Measured over the infinite horizon, these figures are $ 20.5 trillion, 3.9% and 1.3%, respectively.
996:
945:
A roots of partial reform attempts or proposal of social security may be able to go trace back the 1930s when institutions are established.
145:
102:
1595:
have argued that Social Security is already perceived as enough of a forced savings program to preclude a reduction in the labor supply.
1527:
A January 2015 Pew Research Center poll indicated that "Making Social Security system sound" was the fifth highest priority of 23 topics.
5322:
4533:
2970:
1990 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds â Summary
890:
averaged 5.3% compounded annually for the 20th century). They likened their proposed "Private Retirement Accounts" (PRAs) to the popular
5649:
1887:
959:
January 1998 â Progress on the reform agreement reached on October 28, 1997, between Bill Clinton and Newt Gingrich was derailed by the
523:
5280:
2180:
Critics have asserted that the funding mechanism of Social Security's pay-as-you-go funding mechanism has similarities with an illegal
6480:
4557:
4516:
4490:
3935:
2172:
result in workers having to pay twice: once to fund the benefits of current retirees, and a second time to fund their own retirement.
462:
441:
341:
107:
4480:
6388:
6128:
6093:
6070:
6044:
117:
5206:
5202:
4075:"Answers to Questions From Senator Hatch About Various Options for Payroll Taxes and Social Security - Congressional Budget Office"
2781:
898:
savings plans. But in the meantime, several conservative and libertarian organizations that considered it a crucial issue, such as
827:"have proved almost sacrosanct in political terms, even as they threaten to grow so large as to be unsustainable in the long run".
440:
securities backed "by the full faith and credit of the U.S. government". The funds borrowed from the program are part of the total
1882:, ambiguously characterized raising or eliminating the cap on income subject to the tax as a tax increase that Bush would oppose.
935:
would have caused households to have lost even more of their assets, had their investments been invested in the U.S. stock market.
772:
Because Social Security tax receipts and interest exceed payments, the program also reduces the size of the annual federal budget
4093:
3881:
2945:
The 2024 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Trust Funds
2229:
1923:
1916:
1811:
1790:
4760:
2410:"Obama's Town Hall Meeting in Arnold, MO, April 29, 2009 (Video Link/Transcript) - Retirement - Social Security (United States)"
6348:
6339:
4133:
2285:
1810:
discussed the "partial privatization" of Social Security since the beginning of his presidency in 2001. But only after winning
1774:
1127:
992:
727:
567:
406:
150:
67:
232:
6495:
6367:
6267:
Center on Budget and Policy Priorities â Policy Basics: Top Ten Facts about Social Security on the Program's 75th Anniversary
2252:
2237:
1874:
1462:
1408:" feature is that the less generous price indexing would be used in greater proportion for retirees with higher incomes. The
1138:
790:
Ideology plays a major part of framing the Social Security debate. Key points of philosophical debate include, among others:
693:
6249:
5727:
5155:
2291:
6288:
5067:
3073:
1182:
544:
6393:
3277:
2143:
1786:
1199:
Raising the retirement age gradually. Raising the full-benefit retirement age to 70 would fund half the 75-year shortfall.
891:
871:
481:(a measure of the size of the economy). Measured over the infinite horizon, these figures are 4.0% and 1.4%, respectively.
437:
112:
6241:
3807:
2895:
2215:
is quite different. It is an accounting of the difference between tax and benefit flows. When taxes exceed benefits, the
6403:
3701:
3115:
887:
92:
82:
50:
5113:
3740:
2850:"With Social Security trust funds 'rapidly heading to zero,' some ask whether the money should be invested in equities"
2005:, cropped up around the time of the State of the Union speech. The AARP had supported Bush's plan for major changes in
6521:
6485:
5753:
5578:
2021:
that Bush's proposal, to touch the "third rail", has sparked among politicians, pundits, thinktankers, and taxpayers.
1865:
1502:
67% supported no benefit reductions, with 27% supporting more benefits and 37% supporting a similar level of benefits.
752:
595:
trends, where the number of workers paying into the program continues declining relative to those receiving benefits.
512:
5336:
4265:
3714:"Basic Facts on Social Security and Proposed Benefit Cuts/Privatization, by Dean Baker and David Rosnick, March 2005"
3416:
2873:"Social Security now expected to run short on funds in 2035, one year later than previously projected, Treasury says"
1967:, the revelation prompted the objection from Dana C. Duggins, a vice president of the Social Security Council of the
1166:
1149:
indicated the compromises involved showed that lawmakers could still govern. Koitz cautions against the concept of a
5600:
5552:
5362:
4593:
3349:
999:, Democrats gained control of both houses, effectively killing the plan for the remainder of Bush's term in office.
6490:
6306:
5450:
2212:
1854:
1596:
1263:
estimated the effects of alternative solutions during May 2010, along with an estimated program deficit reduction:
649:
635:
536:
529:
433:
197:
180:
5950:
3788:
1915:
The issue gained increasing political scrutiny since George W. Bush mentioned changing Social Security during the
1423:
As under the current system, all retirees would have their initial benefit amount adjusted periodically for price
6536:
2119:
1652:
803:
whether the program represents (or is perceived as) a charitable safety net (entitlement) or earned benefits; and
773:
608:
548:
U.S. Social Security Trust Fund: Payroll taxes and revenues add to the fund, while expenses (payouts) reduce it.
337:
2692:"Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says"
743:
6526:
6439:
6301:
4950:
4827:
4672:
2654:
2006:
1964:
1108:
1089:
824:
806:
706:
224:
140:
3657:
3081:
2826:
1904:, described below in the section regarding suggestions for Social Security that do not involve privatization.
1505:
31% supported benefit reductions, with 24% supporting fewer benefits while 6% wanted to phase out the program.
726:
estimated in February 2013 that upward redistribution of income is responsible for about 43% of the projected
5405:
4951:"Wall Street steers clear of Social Security debate â Martin Wolk: Eye on the Economy â NBC News (See above)"
4303:
4123:
http://www.fiscalcommission.gov/news/moment-truth-report-national-commission-fiscal-responsibility-and-reform
4111:
http://www.fiscalcommission.gov/news/moment-truth-report-national-commission-fiscal-responsibility-and-reform
2923:"Strong Economy, Low Unemployment, and Higher Job and Wage Growth Extend Social Security Trust Funds to 2035"
2457:
http://www.fiscalcommission.gov/news/moment-truth-report-national-commission-fiscal-responsibility-and-reform
6271:
6227:. 24 and 25 September 2004", Castle of Schengen, Luxembourg Institute for European and International Studies
5605:
4998:
2270:
1622:
1410:
1146:
899:
6143:
Center on Budget and Policy Priorities - What the 2012 Trustees Report Shows About Social Security-May 2012
5932:
3430:
1307:
In addition, the final report proposed the steps to ensure the sustainability of Social Security, such as:
1061:
6372:
5984:
5839:"Social Security and Institutions for Intergenerational, Intragenerational and International Risk Sharing"
3886:
3137:
1546:
1225:
1050:
478:
38:
6252:â from Center for Retirement Research, January, 2005 (explanation of wage indexing versus price indexing)
5530:
2473:
6418:
6208:
3500:
1987:
1766:
1703:
814:
764:
people at the top are affordable while the Social Security shortfall constitutes a dire fiscal threat."
747:
Spending for Social Security is projected to rise relative to GDP, while discretionary programs decline.
456:
Between 2021 and 2035, redemption of the Trust Fund balance to pay retirees will draw approximately $ 3
360:
6137:
5473:
5134:
4926:
4247:
3597:
3375:
794:
degree of ownership and choice among investment alternatives in determining one's own financial future;
62:
2374:
1276:
Raising the payroll tax cap (capped at $ 106,800 in 2010) to cover 90% instead of 84% of earnings: 35%
5989:
5509:
4637:
2184:, where early investors are paid off out of the funds collected from later investors instead of from
2088:
grounds, regarding it as a form of governmental redistribution of income, which other groups such as
1356:
963:
approximately a week before Clinton was to announce the initiative in his State of the Union address.
4506:
4348:
6475:
6470:
6332:
6104:
Policymaking as Political Constraint: Institutional Development in the U.S. Social Security Program
6103:
5653:
4781:
4193:
2185:
2047:
1927:
1260:
448:
There are certain key implications to understand under current law, if no reforms are implemented:
350:
6166:
5016:
3917:
3330:
1236:
The CBO provided estimates regarding various reform alternatives in a July 2014 letter to Senator
6186:
4673:"Wall Street steers clear of Social Security debate â Martin Wolk: Eye on the Economy â NBC News"
4567:
3745:
3354:
3098:
2069:
1960:
1273:
Indexing the COLA to prices rather than wages, except for bottom one-third of income earners: 65%
1131:
1112:
841:
819:
685:
653:
4885:"Administration Costs and the Relative Efficiency of Public and Private Social Security Systems"
4057:"Raising the Ages of Eligibility for Medicare and Social Security - Congressional Budget Office"
2737:"Social Security fund will be able to pay benefits one year longer than expected, Treasury says"
1743:
index fund whose management fees run between 8 basis point (0.08%) and 10 basis points (0.10%).
1486:
relies on gradually increasing the retirement age, raising the ceiling on which people must pay
17:
4983:
618:
aging of the population is a long-term trend, rather than a proverbial "pig moving through the
6541:
6224:
6124:
6089:
6066:
6040:
6009:
5135:"Talking Points Memo: by Joshua Micah Marshall: February 6, 2005 â February 12, 2005 Archives"
4755:
4553:
4512:
4486:
4007:
3553:
3549:
3543:
3522:
3496:
3208:
2529:
2427:
2245:
2164:
2102:
2058:
1939:
the districts of Republican members of Congress whom it identified as undecided on the issue.
1815:
1631:
645:
4872:
4434:"Enyart, the Democratic 12th U.S. House District Nominee, Gains Senior Group's Endorsement."
3684:
1363:
There is disagreement about whether a reduction in the COLA constitutes a "benefit cut"; the
6460:
6255:
6193:
6028:
5287:
4806:
3090:
1976:
1897:
1562:
1474:
1428:
1233:
retirement age increases the size of the workforce and the size of the economy by about 1%.
960:
932:
857:
604:
218:
6276:
5384:"An Analysis of Using "Progressive Price Indexing" To Set Social Security Benefits, 5/2/05"
5092:
3226:
1739:(funds whose value rises or falls according to a particular financial index), including an
500:, which made ten specific recommendations to ensure the sustainability of Social Security.
6302:
FRB: Testimony, Greenspan â Economic outlook and current fiscal issues â February 25, 2004
5093:"Long-Term Analysis of Plan 2 of the President's Commission to Strengthen Social Security"
4713:
4579:
4284:
4140:
4019:
3671:
3296:"The Budget and Economic Outlook: Fiscal Years 2013 to 2023 - Congressional Budget Office"
2782:"Social Security trust funds depletion date moves one year earlier to 2034, Treasury says"
2280:
2139:
2127:
2115:
1931:
1879:
1762:
1643:
1592:
1478:
1405:
1171:
1157:
1123:
1116:
1078:
967:
562:
503:
426:
410:
345:
6221:
of a paper, originally presented to the Conference on âReforming European pension systems
3045:
Status of the Social Security and Medicare Programs: A Summary of the 2020 Annual Reports
2995:
Status of the Social Security and Medicare Programs: A Summary of the 2000 Annual Reports
2922:
2010:
of the highway to personal savings accounts. We will be the dynamite that removes them."
1490:, and slowly increasing the FICA tax rate to a peak of 15% total from the current 12.4%.
6266:
6142:
4884:
4385:"Text of S. 567 (113th): Strengthening Social Security Act of 2013 (Introduced version)"
2714:"U.S. Department of the Treasury Releases Social Security and Medicare Trustees Reports"
853:
tend to defend the current program, preferring tax increases and payment modifications.
6413:
6325:
6311:
6118:
5871:
5696:
5510:"FT.com / In depth / Hurricane impact â Hurricane dims Bush's hopes on Social Security"
4384:
3974:
3463:
3132:
3069:
2803:
2758:
2713:
2240:
2192:
2123:
2109:
2105:" against both the current Social Security system and the coalition that supports it."
2098:
2094:
2081:
2014:
1951:
1935:
1807:
1731:
1727:
1699:
1441:
1053:
That's less than 3 percent of federal spending â less than we're currently spending in
1037:
983:
903:
837:
6173:
CommUnity of Minds: Working Together â The $ 44 Trillion Abyss â 2003 Fortune Magazine
4654:
3891:
3044:
3019:
2994:
979:
would make the "lock box" concept a part of his presidential campaign program in 2000.
6556:
6235:
6114:
6082:
6054:
6033:
6004:
6000:
4848:
3957:
3515:
3492:
3102:
2969:
2208:
1404:, which would mix price and wage indexing in setting the initial benefit level. The "
1220:
1164:
Various institutions have analyzed different reform alternatives, including the CBO,
971:
953:
493:
473:
175:
6199:
JosĂŠ PiĂąera, "Empowering the Workers: The Privatization of Social Security in Chile"
5867:
4905:
4179:
4056:
3932:"U.S. News & World Report-Emily Brandon-12 Ways to Fix Social Security-May 2010"
3193:"The Impact of the Upward Redistribution of Wage Income on Social Security Solvency"
6198:
6110:
5897:
4421:"Join Sen. Harkin for a Tele-Town Hall about Social Security Legislation on Monday"
4332:"Strengthen Social Security.org - Strengthen Social Security-Retrieved May 1, 2015"
3491:), "Similarly, today's proposals of Democratic candidates to end the crisis in the
2181:
2089:
2054:
2018:
1998:
1980:
1901:
1827:
1676:
1664:
1626:
1588:
1558:
1510:
think that, when they retire, the program will be unable to provide any benefits."
1401:
1327:
1041:
949:
883:
809:, meaning the rights of those living today to impose burdens on future generations.
592:
507:
418:
6317:
6262:
Washington Post â Allan Sloan â The Next Great Bailout: Social Security -July 2009
5838:
4366:
2582:
1785:
A range of other proposals have been suggested for partial privatization, such as
5731:
5203:"The Club For Growth â The Club for Growth Blog: Our New TV Ad and Press Release"
5159:
4134:
National Commission on Fiscal Reform-Co-Chair Draft November 10, 2010-Pages 42â50
2619:
2248:
will be wasted by the Government in reckless and extravagant political schemes."
6511:
4229:
4211:
3545:
The Pact: Bill Clinton, Newt Gingrich, and the Rivalry that Defined a Generation
3517:
The Pact: Bill Clinton, Newt Gingrich, and the Rivalry that Defined a Generation
2428:"Benefits Planner | Social Security Tax Limits on Your Earnings | SSA"
2310:
2085:
2036:
1943:
1890:
1756:
1752:
1692:
1237:
1153:; retirement security cannot be provided without benefit cuts or tax increases.
466:
414:
5042:
3996:"Distributional Effects of Alternative Social Security Reforms: Details Matter"
3914:"Alice M. Rivlin-Budget Policy Challenges-Congressional Testimony-January 2009"
6058:
5709:
5043:"Strengthening Social Security and Creating Personal Wealth for All Americans"
2944:
2601:
2338:
2233:
2220:
2204:
2200:
2138:
2008. This does not just affect those that continue to work after retirement.
1971:, that "Trust fund dollars should not be used to promote a political agenda."
1861:
1822:
1740:
1736:
1660:
1457:
1303:
Adjusting the COLA formula to reflect chained CPI (e.g., reduce the COLA): 26%
1150:
1030:
1027:
619:
579:
575:
422:
3388:"Martin Feldstein-Privatizing Social Security: The $ 10 Trillion Opportunity"
3128:"Social Security Applications Almost Double Because of Recession - Bloomberg"
2637:
2474:"The Coming Demographic Transition: Will We Treat Future Generations Fairly?"
2392:
1206:
Reducing Initial Benefits for wealthier retirees, based on lifetime earnings.
6307:
Social Security Under Attack: Cuts Proposed, Higher Retirement Age Suggested
6213:
6181:
5406:"Republicans broaden strategies for overhauling Social Security (See above)"
4721:
3020:
A Summary of the 2010 Annual Social Security and Medicare Trust Fund Reports
2672:
2547:
2112:
2050:
2027:
1979:, for example, three people who had obtained tickets through Representative
1696:
1688:
1424:
1398:
1044:, deriding what he called "the hype about a Social Security crisis", wrote:
355:
6293:
6172:
4094:"Updating Social Security for the 21st Century: 12 Proposals You Should..."
3448:
3260:
3243:
3176:
3159:
3094:
2565:
1267:
Reducing the cost of living adjustments (COLA) by one percentage point: 75%
5911:
3834:"Social Security and Medicare: time running out to fix them, trustees say"
3387:
2825:
Lorsch, Emily; Wood, Alex; Reginato, Jason; Hadavi, Tala (July 13, 2023).
2508:
6516:
6434:
5629:"Social Security, George W. Bush â And the "L" Word (No, Not Liberalism)"
4955:
4677:
4549:
Public's Policy Priorities Reflect Changing Conditions at Home and Abroad
3574:
3116:
Washington Post-Recession Puts Major Strain on Social Security Trust Fund
2002:
6289:
President George W. Bush â State of the Union Address â February 2, 2005
6138:
Congressional Budget Office - Social Security Policy Options - July 2010
5383:
4482:
Political Polarization, Political Compromise and Divisive Policy Debates
4353:
Social Security Administration Research, Statistics, and Policy Analysis
4074:
4038:
3295:
3213:
Social Security Administration Research, Statistics, and Policy Analysis
2494:
2356:
1853:
On February 2, 2005, Bush made Social Security a prominent theme of his
6177:
5954:
1959:
Coming soon after the disclosure of government payments to commentator
1672:
1656:
1615:
1520:
51% supported reducing Social Security payments to high-income seniors.
1352:. Recent COLA were 2.3% in 2007, 5.8% in 2008, and zero for 2009â2011.
1088:
These Social Security proponents argue that the correct plan is to fix
976:
931:
Privatization in the midst of the greatest economic downturn since the
648:(treasuries) issued by the U.S. government, which are deposited in the
6007:(March 30, 2008). "What U. S. politicians aren't telling the voters".
5337:"05/20/2005 - Updated 11:56 AM ET | USA TODAY/CNN/Gallup Poll results"
3449:"A Thought Provoking Essay from Fed President William - Larry Summers"
797:
the right and extent of government taxation and wealth redistribution;
5933:"Republican Party Platform of 1936 - The American Presidency Project"
4402:
4266:"Raising Social Security's retirement age is a disaster for the poor"
2147:
906:, continued to lobby for some form of Social Security privatization.
457:
6155:
WSJ â Social Security Policy Options Interactive Graphic â June 2011
5628:
4960:
4682:
2311:
Social Security Administration-Basic Facts-Retrieved August 20, 2016
1759:
companies, who will rake in billions of dollars in management fees.
583:
tax receipts are used to pay current benefits (the system known as "
6219:
4794:
Are Contributions to Public Pension Programmes a Tax on Employment?
4793:
4631:"Twelve Reasons Privatizing Social Security is a Bad Idea-Reason 3"
4349:"Annual Statistical Supplement, 2013 - OASDI Covered Workers (4.B)"
3958:"AARP Public Policy Institute â Reform Options for Social Security"
3855:
1663:. Among the proponents of this idea were some members of President
5315:"Attack on AARP, Like 'Religious War,' Built on Either/Or Fallacy"
4906:"Index Fund "Price War" Shows Low Costs of Investing (Commentary)"
4807:"The Heritage Foundation â Personal Retirement Account Calculator"
4612:
3431:"2008 Democratic Party Platform - The American Presidency Project"
2219:
lends itself the excess in return for an interest-paying bond, an
1860:
Although Bush described the Social Security system as "headed for
1751:
Opponents also claim that privatization will bring a windfall for
1707:
1181:
1104:
1099:
875:
742:
591:
receipts and interest thereafter. The fiscal pressures are due to
584:
543:
535:
522:
5531:"Bush Plans to Revive Social Security Proposal With New Congress"
4655:"Gross Domestic Product - U.S. Bureau of Economic Analysis (BEA)"
2804:"Treasury Releases Social Security and Medicare Trustees Reports"
2759:"Treasury Releases Social Security and Medicare Trustees Reports"
644:
The accumulated surpluses are invested in special non-marketable
27:
Discussion of proposals to change the U.S. Social Security system
5813:
4304:"Republicans broaden strategies for overhauling Social Security"
1994:
1397:
President Bush endorsed a version of this approach suggested by
1249:
895:
484:
The annual cost of Social Security benefits represented 4.0% of
6321:
5675:
5601:"Bush Still Lacks Broad Support On Social Security, Poll Shows"
5181:
4751:"Kinsley's Proof That Social Security Privatization Won't Work"
4717:
3767:
587:"), as is typical of some insurance and defined-benefit plans.
5977:"Twelve Reasons Why Privatizing Social Security is a Bad Idea"
5491:
4039:"Social Security Policy Options - Congressional Budget Office"
2032:
485:
6250:"What Does Price Indexing Mean for Social Security Benefits?"
5281:"WMD: Now George Bush is misleading us about Social Security"
5230:"Social Security Agency Is Enlisted to Push Its Own Revision"
4594:"Many Americans Doubt They Will Get Social Security Benefits"
722:
also affects the funding of the Social Security program. The
660:
thereafter because of interest income from loans made to the
515:
reported on the financial effects of various reform options.
5912:"Retiring with Dignity: Social Security vs. Private Markets"
5894:
Perry Is Right: Social Security Is a Lot Like a Ponzi Scheme
5792:
5699:", (New York:Harcout, Brace, Jovanovich, 1980), pg. 102â107.
4828:"The Heritage Foundation - Social Security's Rate of Return"
3278:"What the 2010 Trustees' Report Shows about Social Security"
1517:
69% supported raising the tax rate on income over $ 250,000.
5771:
4367:"Strengthening Social Security Act of 2013 (2013 - S. 567)"
4326:
4324:
2443:
Exec. Order No. 13,531, 75 Fed. Reg. 7,927 (Feb. 23, 2010).
6294:"Bush's State of the Union: Social Security 'Bankruptcy?'"
4873:
http://www.pensions-institute.org/workingpapers/wp0004.pdf
3685:"CNN.com - Transcript of State of the Union - Feb 2, 2005"
3050:(Report). Social Security Administration. 2020. p. 11
3025:(Report). Social Security Administration. 2010. p. 11
2716:(Press release). U.S. Treasury Department. August 31, 2021
2393:"Social Security Trustees Report 2012-Exec Summary Page 3"
1279:
Raising the payroll tax rate by one percentage point: 50%.
679:
In an annually issued report released in August 2021, the
6209:
Getting a grip on Social Security: The flaw in the system
4508:
Table 4.8 Future of Social Security - Pew Research Center
4248:"CBO-Social Security Policy Options-July 2010-Page 31-32"
3399:
3397:
3177:"2009 Social Security Trustees Report-Page 5 Table II.B1"
3160:"2010 Social Security Trustees Report-Page 5 Table II.B1"
3000:(Report). Social Security Administration. 2000. p. 8
2975:(Report). Social Security Administration. 1990. p. 2
2950:(Report). Social Security Administration. 2024. p. 6
2806:(Press release). U.S. Treasury Department. March 31, 2023
1297:
Raising the payroll tax cap to cover 90% of earnings: 35%
4796:
Economic Policy, Vol. 19, No. 39, pp. 267â311, July 2004
836:
accumulation of wealth to some degree. According to the
800:
trade-offs between social insurance and wealth creation;
5772:"The Heritage Foundation: Policy Research and Analysis"
5436:
magazine, August 27, 2006, (accessed February 3, 2010).
5020:
4999:"Public Pension Funds Are Adding Risk to Raise Returns"
2761:(Press release). U.S. Treasury Department. June 2, 2022
2530:"Social Security Fact Sheet-Retrieved January 25, 2018"
2053:
listed the "priority legislation" to be acted on after
1821:
In May 2001, he announced establishment of a 16-member
1513:
According to a December 2012 Pew Research Center poll:
1291:
National Commission on Fiscal Responsibility and Reform
1004:
National Commission on Fiscal Responsibility and Reform
498:
National Commission on Fiscal Responsibility and Reform
5017:"President's Commission to Strengthen Social Security"
4534:"Only 1 in 7 House districts were competitive in 2012"
3808:"Social Security at 75: Crisis Is More Myth Than Fact"
2620:"Debt to the Penny (Daily History Search Application)"
2451:
2449:
2142:
withdrawn from tax deferred retirement accounts, like
1687:
There are also substantive issues that do not involve
1289:
distribute the burden fairly". The co-chairmen of the
540:
Social Security â Ratio of Covered Workers to Retirees
5975:
Anrig, Jr. Greg; Wasow, Bernard (February 14, 2005),
5868:"Why is Social Security often called a Ponzi scheme?"
5710:"Find Your Page - The New York State Society of CPAs"
3499:'s team in the 1960s, with even earlier roots in the
465:, and the Trust Fund amount is in effect replaced by
6167:
Be not afraid: personal accounts are no radical idea
3596:
Jim VandeHei & Peter Baker (February 12, 2005).
3209:"The Evolution of Social Security's Taxable Maximum"
2896:"Social Security Funds Are Running Dry. Don't Panic"
6504:
6453:
6427:
6381:
6355:
6272:A Carbon tax social security sovereign wealth fund
5953:. US Social Security Administration. Archived from
4984:"Pension fund investments are up, but gaps persist"
4180:"Barack Obama - Change We Can Believe In - Seniors"
2276:
List of Social Security legislation (United States)
1523:
42% supported gradually raising the retirement age.
1498:According to a June 2014 Pew Research Center poll:
6081:
6032:
6013:. insights into the world (B ed.). p. 8.
4718:"Social Security: From Ponzi Scheme to Shell Game"
3514:
1691:, but rather the role of government. Conservative
6123:. Washington, D.C.: Brookings Institution Press.
5728:""Michael Tanner's House Testimony May 17, 2005""
3350:"Obama Promises Bid to Overhaul Retiree Spending"
2497:. Congressional Budget Office. December 15, 2015.
1540:Cost of transition and long-term funding concerns
940:Chronology of prior reform attempts and proposals
405:encompasses benefits, funding, and other issues.
6244:Social Security Reform: Answers to Key Questions
3623:"Bush shifts approach on Social Security reform"
2489:
2487:
2478:Board of Governors of the Federal Reserve System
2375:"Government - Debt Position and Activity Report"
1143:Seeking Middle Ground on Social Security Reform:
6178:"False Attacks Over 'Windfalls' to Wall Street"
6084:Seeking Middle Ground on Social Security Reform
3994:Program, The Retirement Policy (June 4, 2016).
3882:"He filters politics out of economics of aging"
3702:President Bush â 2006 State of the Union Speech
2925:(Press release). Social Security Administration
2257:
2176:Claims of pyramid- or Ponzi-scheme similarities
1300:Indexing retirement age to life expectancy: 21%
1046:
1013:History of Social Security in the United States
823:wrote in January 2009 that Social Security and
559:History of Social Security in the United States
5676:"Privatization of Social Security (See above)"
3488:
3244:"2010 Social Security Trustees Report-Page 12"
2566:"2010 Social Security Trustees Report-Page 10"
1710:industry, citing similar "excellent reasons".
1096:Studies of Social Security policy alternatives
1077:The Social Security public trustees including
714:Effect of income inequality on program funding
6333:
5553:"Bush appoints Biggs to Social Security post"
4467:
4451:"Alliance letter in support of Harkin's Bill"
2638:"Social Scty Trust Fund Report â 2011 Page 9"
1634:, which in turn would cause economic growth.
1270:Increasing the full retirement age to 68: 30%
1002:December 2011 â Democratic President Obama's
382:
8:
6277:The Unwarranted Attack on Social Safety Nets
6088:. Stanford, California: Hoover Institution.
4708:
4706:
4704:
4702:
4700:
3989:
3987:
3521:. Oxford University Press. pp. xiâxvi.
1911:Politics of the dispute over Bush's proposal
1535:Conceptual arguments regarding privatization
1427:occurring after their retirement. Thus, the
5832:
5830:
5754:"Important questions about Social Security"
4744:
4742:
4740:
4738:
3331:"On Language - Third Rail - William Safire"
3261:"2009 OASDI Trustees Report Pages 3 and 19"
2468:
2466:
2464:
2439:
2437:
2158:Effects of the gift to the first generation
1969:American Federation of Government Employees
1483:Saving Social Security: A Balanced Approach
952:, and the Republican Speaker of the House,
613:Economic consequences of population decline
403:Social Security debate in the United States
6340:
6326:
6318:
6120:Saving Social Security-A Balanced Approach
4033:
4031:
4029:
3575:"Bush pushes his Social Security overhaul"
3403:
2236:called the trust fund "a cruel hoax". The
1107:with sign, "Hands off Social Security and
389:
375:
31:
3227:"CBO Long-Term Outlook-June 2010-Page 50"
1934:and the securities industry. In 1983, a
1896:On April 28, 2005, Bush held a televised
948:October 1997 â The Democratic president,
701:Effect of unemployment on program funding
477:2.49% of the payroll tax base or 0.9% of
6296:â FactCheck.org commentary on the speech
6065:. Chicago: University of Chicago Press.
5313:Brownstein, Ronald (February 28, 2005).
3311:
3309:
2583:"Social Security Beneficiary Statistics"
1702:, currently a graduate professor at the
1642:of the U.S. government to impose taxes.
1574:Rate of return and individual initiative
1141:, echoed these remarks in his 2001 book
1060:
6409:Temporary Assistance for Needy Families
6039:. New Brunswick, NJ: Transaction Publ.
3854:Suellentrop, Chris (January 17, 2005).
3376:George Will â Opportunity, Not a Crisis
3196:Center for Economic and Policy Research
3074:"Do Economists Agree on Anything? Yes!"
2303:
2150:, counts towards taxation of benefits.
1802:George W. Bush's privatization proposal
1372:Raise the eligibility or retirement age
1365:Center for Budget and Policy Priorities
724:Center for Economic and Policy Research
572:Federal Insurance Contributions Act tax
49:
6532:Social Security debate (United States)
6169:â The American Enterprise â March 2005
5695:Milton Friedman & Rose Friedman, "
4749:Kinsley, Michael (December 19, 2004).
4575:
4565:
4015:
4005:
3880:Goldsmith, Thomas (November 2, 2008).
3282:Center on Budget and Policy Priorities
2495:"Social Security Policy Options, 2015"
2255:responds to the criticism as follows:
1801:
1137:David Koitz, a 30-year veteran of the
761:Center on Budget and Policy Priorities
6242:US Government Accountability Office,
4997:Mary Williams Walsh (March 8, 2010).
3806:Roosevelt, James (October 21, 2010).
3329:Safire, William (February 18, 2007).
3316:
2509:"Federal Insurance Contributions Act"
2332:
2330:
2328:
2326:
2324:
2322:
2320:
2318:
982:February 2005 â Republican President
7:
6563:Social security in the United States
6399:Social Security Disability Insurance
6184:* JosĂŠ PiĂąera, "Retiring in Chile",
5404:Lochhead, Carolyn (April 30, 2005).
5156:"AlterNet: Lynching Social Security"
4302:Lochhead, Carolyn (April 30, 2005).
3548:. Oxford University Press. pp.
1435:Adjustments to the payroll tax limit
421:generation, expected continuing low
5363:"Press Conference of the President"
5114:"Press Gaggle with Scott McClellan"
5066:Sandalow, Marc (February 3, 2005).
4982:Stephen C. Fehr (August 31, 2010).
4959:. December 22, 2004. Archived from
4681:. December 22, 2004. Archived from
3598:"Social Security: On With the Show"
2827:"Why Social Security won't run out"
1651:system's overall soundness through
1355:The COLA is computed based on the "
1215:horizon by the program's Trustees:
991:) into secured investments. In his
705:Increasing unemployment due to the
436:. The fund contains non-marketable
6481:Social Security Amendments of 1965
5472:Weisberg, Jacob (March 22, 2005).
5182:"Privatization of Social Security"
4230:"Latest Cost-of-Living Adjustment"
3856:"George W. Bush, Philosopher-King"
3739:Krugman, Paul (December 7, 2004).
3573:Wolk, Martin (February 16, 2005).
3136:. October 25, 2012. Archived from
2690:Franck, Thomas (August 31, 2021).
2228:This criticism is not new. In his
2084:was opposed to Social Security on
1747:Potential windfall for Wall Street
1726:Advocates of privatization at the
844:that Congress had this authority.
831:Conservative ideological arguments
25:
6389:Disability Determination Services
6063:Social Security: The Phony Crisis
5577:. January 5, 2009. Archived from
5228:Pear, Robert (January 16, 2005).
4194:"Barack Obama on Social Security"
3648:Patrick O'Connor (June 1, 2005).
3462:Buffett, Warren (February 2008).
2848:Konish, Lorie (October 5, 2023).
1714:Management costs of private funds
1570:in the United Kingdom and Chile.
1340:Reduce cost of living adjustments
966:March 1999 - Republican Senators
676:these tax cuts had not occurred.
4283:Nuschler, Dawn (July 27, 2005).
3417:"Krugman-Social Security Scares"
3348:Zeleny, Jeff (January 7, 2009).
2780:Konish, Lorie (March 31, 2023).
2602:"The 2017 OASDI Trustees Report"
2339:"The 2016 OASDI Trustees Report"
1818:in pursuing changes in earnest.
1789:. One, suggested by a number of
1671:those losers from slipping into
1393:of wage growth and price growth.
519:Background on funding challenges
66:
61:
18:Privatization of Social Security
6349:Social Security (United States)
2894:Duehren, Andrew (May 7, 2024).
2735:Franck, Thomas (June 2, 2022).
2655:"Budget Outlook â 2011 Page 54"
2286:Social Security (United States)
2108:Critics of the system, such as
2064:During the campaigning for the
1775:Securities Industry Association
1128:North Carolina State University
993:2005 State of the Union Address
492:President Barack Obama opposed
6496:Windfall Elimination Provision
6368:Social Security Administration
4264:Klein, Ezra (April 22, 2015).
3832:Cook, David T (May 31, 2013).
2253:Social Security Administration
1463:Alliance for Retired Americans
1139:Congressional Research Service
892:Individual Retirement Accounts
694:American Economics Association
320:2023 Removal of Kevin McCarthy
1:
6568:United States economic policy
6394:Retirement Insurance Benefits
2871:Konish, Lorie (May 6, 2024).
1781:Other privatization proposals
1466:Security for all Americans".
848:Liberal ideological arguments
6404:Supplemental Security Income
4212:"Cost-Of-Living Adjustments"
3768:"Social Security Trust Fund"
2921:Hinkle, Mark (May 6, 2024).
1481:proposed in their 2005 book
1167:U.S. News & World Report
910:Anti-privatization arguments
768:Effect on the budget deficit
6522:Office of the Chief Actuary
6486:Social Security Death Index
6035:The Pension Fund Revolution
5410:The San Francisco Chronicle
5072:The San Francisco Chronicle
4308:The San Francisco Chronicle
3887:Raleigh News & Observer
2292:Welfare's effect on poverty
2097:'s reference in 1983 to a "
2001:group for older Americans,
1866:Congressional Budget Office
1814:did he begin to invest his
1335:Specific proposals by topic
1322:President Obama's proposals
865:Pro-privatization arguments
513:Congressional Budget Office
6584:
6491:Social Security Trust Fund
6363:History of Social Security
5447:"Social Security in limbo"
4466:See the further reading: (
4139:November 13, 2010, at the
3650:"Social Security in Limbo"
3489:Toffler & Toffler 2008
3315:See the further reading: (
2230:1936 presidential campaign
2213:Social Security Trust Fund
2203:is an estate of money and
2191:William G. Shipman of the
1855:State of the Union Address
1326:As of September 14, 2008,
1010:
650:Social Security Trust Fund
636:Social Security Trust Fund
633:
630:Social Security Trust Fund
602:
556:
530:Social Security Trust Fund
434:Social Security Trust Fund
233:2007â2008 financial crisis
6537:Social Security Wage Base
6256:Social Security Q & A
6223:. In memory of Professor
4849:"February 15, 2005 (PDF)"
4468:Orszag & Diamond 2005
4436:Belleville News-Democrat.
3789:"Ronald Reagan was Right"
3503:presidency in the 1930s."
2357:"Social Security History"
2120:Social Security Wage Base
2017:, articles, letters, and
1949:On January 16, 2005, the
1346:Cost of Living Adjustment
1321:
739:Size of funding challenge
609:Sub-replacement fertility
264:2013 budget sequestration
169:BowlesâSimpson Commission
6527:Primary Insurance Amount
6023:(By chlonogical order:)
4285:"Social Security Reform"
3979:The AARP Bulletin Online
3464:"Letter to Shareholders"
3404:Anrig & Wasow (2005)
1965:No Child Left Behind Act
1910:
1561:, has been cited in the
1284:Fiscal Reform Commission
807:intergenerational equity
707:subprime mortgage crisis
681:U.S. Treasury Department
225:Subprime mortgage crisis
54:United States of America
37:This article is part of
6214:Social Security Suicide
5606:The Wall Street Journal
5303:(80k external PDF file)
3542:Gillon, Steven (2008).
3513:Gillon, Steven (2008).
2900:The Wall Street Journal
2271:Generational accounting
1655:, in a plan similar to
1623:The Heritage Foundation
1456:In March 2013, Senator
1414:gave this explanation:
1411:San Francisco Chronicle
1147:Daniel Patrick Moynihan
900:The Heritage Foundation
6373:Social Security number
5985:The Century Foundation
5430:Don't Mess With Pelosi
4403:"Daily Kos: Campaigns"
4092:Say, You've Earned a.
3495:can be traced back to
3095:10.2202/1553-3832.1156
2262:
2226:
2207:held in trust for its
1993:A dispute between the
1922:To assist the effort,
1547:gross domestic product
1421:
1395:
1226:gross domestic product
1187:
1120:
1066:
1059:
997:2006 midterm elections
748:
570:is funded through the
549:
541:
533:
479:gross domestic product
213:Social Security debate
52:Budget and debt in the
6419:Unemployment benefits
6258:by economist Doug Orr
6080:Koitz, David (2001).
5571:"The End of the Line"
5474:"Bush's first defeat"
4716:(December 14, 1996).
3082:The Economists' Voice
2197:
2066:2006 midterm election
1988:2003 Invasion of Iraq
1767:University of Chicago
1704:University of Chicago
1416:
1390:
1256:Urban Institute study
1185:
1103:
1064:
919:("transition costs").
786:Ideological arguments
746:
634:Further information:
547:
539:
526:
361:Continuing resolution
5656:on September 3, 2005
4552:. January 15, 2015.
4440:Accessed 2012-10-18.
3975:Whatâs the Big Idea?
3741:"Inventing a Crisis"
3660:on December 5, 2005.
3469:. Berkshire Hathaway
1494:Public opinion polls
1386:Progressive indexing
1381:Progressive indexing
1357:Consumer Price Index
1170:, the AARP, and the
469:outside the program.
271:Government shutdowns
6476:Social Security Act
6471:Revenue Act of 1942
6382:Assistance programs
5937:presidency.ucsb.edu
5837:Shiller, Robert J.
5581:on February 9, 2013
5209:on February 5, 2005
5162:on November 1, 2005
5023:on December 3, 2005
4763:on December 8, 2008
4063:. January 10, 2012.
3973:Thomas N. Bethell,
3894:on December 7, 2008
3812:The Huffington Post
3793:Sen. Bernie Sanders
3674:, October 29, 2011.
3627:The Financial Times
3602:The Washington Post
3435:presidency.ucsb.edu
3302:. February 5, 2013.
3140:on October 25, 2012
2080:Some alleged that
2048:House Majority Whip
2037:Gallup Organization
1826:members serving on
1812:re-election in 2004
1470:Diamond-Orszag Plan
1440:tax is therefore a
1261:The Urban Institute
1191:proposals include:
1130:who specializes in
646:Treasury securities
351:Balance of payments
240:Debt-ceiling crises
163:Contemporary issues
6309:â video report by
6190:, December 1, 2004
6187:The New York Times
5892:Daniel Indiviglio
5758:niemanwatchdog.org
5551:Watts, William L.
5453:on August 31, 2005
5325:on April 19, 2005.
5261:on October 1, 2005
5234:The New York Times
4643:on March 25, 2009.
4613:"Trustees Reports"
4600:. August 13, 2015.
4018:has generic name (
3920:on August 6, 2011.
3746:The New York Times
3670:Lori Montgomery,
3501:Franklin Roosevelt
3451:. August 18, 2016.
3355:The New York Times
3335:The New York Times
3284:. August 13, 2010.
3198:, 12 February 2013
2673:"Trustees Reports"
2624:treasurydirect.gov
2548:"Trustees Reports"
2379:treasurydirect.gov
2217:federal government
2199:In common usage a
2070:recess appointment
1961:Armstrong Williams
1942:A group backed by
1787:the 7.65% Solution
1683:Role of government
1188:
1126:, an economist at
1121:
1067:
842:Helvering v. Davis
781:Framing the debate
749:
686:COVID-19 recession
654:U.S. National Debt
550:
542:
534:
98:Financial position
6550:
6549:
6542:Years of coverage
6231:"The Fake Crisis"
6225:Franco Modigliani
6205:, Vol. 15 No. 2-3
6194:Retiring in Chile
6102:Alan M. Jacobs, â
6029:Drucker, Peter F.
6010:The Daily Yomiuri
5995:on March 25, 2009
5957:on April 12, 2009
5901:, August 15, 2011
5319:Los Angeles Times
5293:on April 18, 2005
4963:on March 29, 2014
4756:Los Angeles Times
4685:on March 29, 2014
4511:. June 12, 2014.
4485:. June 12, 2014.
4438:October 16, 2012.
3559:978-0-19-532278-1
3528:978-0-19-532278-1
3072:(November 2006).
2165:Robert J. Shiller
2103:guerrilla warfare
2059:Hurricane Katrina
1816:political capital
1632:consumer spending
1111:," at a rally in
720:income inequality
425:, and increasing
399:
398:
208:Political debates
203:Healthcare reform
193:Deficit reduction
16:(Redirected from
6575:
6461:Disability fraud
6342:
6335:
6328:
6319:
6134:
6099:
6087:
6076:
6050:
6038:
6014:
5996:
5994:
5988:, archived from
5981:
5967:
5966:
5964:
5962:
5947:
5941:
5940:
5929:
5923:
5922:
5920:
5918:
5908:
5902:
5890:
5884:
5883:
5881:
5879:
5864:
5858:
5857:
5855:
5853:
5846:24/25 April 1998
5843:
5834:
5825:
5824:
5822:
5820:
5814:"Ida May Fuller"
5810:
5804:
5803:
5801:
5799:
5789:
5783:
5782:
5780:
5778:
5768:
5762:
5761:
5750:
5744:
5743:
5741:
5739:
5730:. Archived from
5724:
5718:
5717:
5706:
5700:
5693:
5687:
5686:
5684:
5682:
5672:
5666:
5665:
5663:
5661:
5652:. Archived from
5646:
5640:
5639:
5637:
5635:
5625:
5619:
5618:
5616:
5614:
5597:
5591:
5590:
5588:
5586:
5567:
5561:
5560:
5548:
5542:
5541:
5539:
5537:
5527:
5521:
5520:
5518:
5516:
5506:
5500:
5499:
5488:
5482:
5481:
5469:
5463:
5462:
5460:
5458:
5449:. Archived from
5443:
5437:
5427:
5421:
5420:
5418:
5416:
5401:
5395:
5394:
5392:
5390:
5380:
5374:
5373:
5371:
5369:
5359:
5353:
5352:
5350:
5348:
5333:
5327:
5326:
5321:. Archived from
5310:
5304:
5302:
5300:
5298:
5292:
5286:. Archived from
5285:
5277:
5271:
5270:
5268:
5266:
5257:. Archived from
5251:
5245:
5244:
5242:
5240:
5225:
5219:
5218:
5216:
5214:
5205:. Archived from
5199:
5193:
5192:
5190:
5188:
5178:
5172:
5171:
5169:
5167:
5158:. Archived from
5152:
5146:
5145:
5143:
5141:
5131:
5125:
5124:
5122:
5120:
5110:
5104:
5103:
5101:
5099:
5089:
5083:
5082:
5080:
5078:
5063:
5057:
5056:
5054:
5052:
5047:
5039:
5033:
5032:
5030:
5028:
5019:. Archived from
5013:
5007:
5006:
4994:
4988:
4987:
4979:
4973:
4972:
4970:
4968:
4947:
4941:
4940:
4938:
4936:
4931:
4923:
4917:
4916:
4914:
4912:
4902:
4896:
4895:
4893:
4891:
4881:
4875:
4869:
4863:
4862:
4860:
4858:
4853:
4845:
4839:
4838:
4836:
4834:
4824:
4818:
4817:
4815:
4813:
4803:
4797:
4791:
4785:
4782:World Bank study
4779:
4773:
4772:
4770:
4768:
4759:. Archived from
4746:
4733:
4732:
4730:
4728:
4714:Kinsley, Michael
4710:
4695:
4694:
4692:
4690:
4669:
4663:
4662:
4651:
4645:
4644:
4642:
4636:. Archived from
4635:
4627:
4621:
4620:
4608:
4602:
4601:
4590:
4584:
4583:
4577:
4573:
4571:
4563:
4544:
4538:
4537:
4532:DeSilver, Drew.
4529:
4523:
4522:
4503:
4497:
4496:
4477:
4471:
4464:
4458:
4457:
4455:
4447:
4441:
4431:
4425:
4424:
4417:
4411:
4410:
4399:
4393:
4392:
4381:
4375:
4374:
4363:
4357:
4356:
4345:
4339:
4338:
4336:
4328:
4319:
4318:
4316:
4314:
4299:
4293:
4292:
4280:
4274:
4273:
4261:
4255:
4254:
4252:
4244:
4238:
4237:
4226:
4220:
4219:
4208:
4202:
4201:
4190:
4184:
4183:
4176:
4170:
4167:
4161:
4158:
4152:
4149:
4143:
4131:
4125:
4119:
4113:
4107:
4101:
4100:
4089:
4083:
4082:
4081:. July 11, 2014.
4071:
4065:
4064:
4053:
4047:
4046:
4035:
4024:
4023:
4017:
4013:
4011:
4003:
3991:
3982:
3971:
3965:
3964:
3962:
3954:
3948:
3947:
3945:
3943:
3938:on June 21, 2010
3934:. Archived from
3928:
3922:
3921:
3916:. Archived from
3910:
3904:
3903:
3901:
3899:
3890:. Archived from
3877:
3871:
3870:
3868:
3866:
3851:
3845:
3844:
3842:
3840:
3829:
3823:
3822:
3820:
3818:
3803:
3797:
3796:
3785:
3779:
3778:
3776:
3774:
3764:
3758:
3757:
3755:
3753:
3736:
3730:
3729:
3727:
3725:
3716:. Archived from
3710:
3704:
3699:
3693:
3692:
3681:
3675:
3668:
3662:
3661:
3656:. Archived from
3645:
3639:
3638:
3636:
3634:
3629:. April 28, 2005
3619:
3613:
3612:
3610:
3608:
3593:
3587:
3586:
3584:
3582:
3570:
3564:
3563:
3539:
3533:
3532:
3520:
3510:
3504:
3485:
3479:
3478:
3476:
3474:
3468:
3459:
3453:
3452:
3445:
3439:
3438:
3427:
3421:
3420:
3413:
3407:
3401:
3392:
3391:
3384:
3378:
3373:
3367:
3366:
3364:
3362:
3345:
3339:
3338:
3326:
3320:
3313:
3304:
3303:
3292:
3286:
3285:
3274:
3268:
3267:
3265:
3257:
3251:
3250:
3248:
3240:
3234:
3233:
3231:
3223:
3217:
3216:
3205:
3199:
3190:
3184:
3183:
3181:
3173:
3167:
3166:
3164:
3156:
3150:
3149:
3147:
3145:
3124:
3118:
3113:
3107:
3106:
3078:
3066:
3060:
3059:
3057:
3055:
3049:
3041:
3035:
3034:
3032:
3030:
3024:
3016:
3010:
3009:
3007:
3005:
2999:
2991:
2985:
2984:
2982:
2980:
2974:
2966:
2960:
2959:
2957:
2955:
2949:
2941:
2935:
2934:
2932:
2930:
2918:
2912:
2911:
2909:
2907:
2891:
2885:
2884:
2882:
2880:
2868:
2862:
2861:
2859:
2857:
2845:
2839:
2838:
2836:
2834:
2822:
2816:
2815:
2813:
2811:
2800:
2794:
2793:
2791:
2789:
2777:
2771:
2770:
2768:
2766:
2755:
2749:
2748:
2746:
2744:
2732:
2726:
2725:
2723:
2721:
2710:
2704:
2703:
2701:
2699:
2687:
2681:
2680:
2668:
2662:
2661:
2659:
2651:
2645:
2644:
2642:
2634:
2628:
2627:
2616:
2610:
2609:
2597:
2591:
2590:
2579:
2573:
2572:
2570:
2562:
2556:
2555:
2543:
2537:
2536:
2534:
2526:
2520:
2519:
2517:
2515:
2505:
2499:
2498:
2491:
2482:
2481:
2470:
2459:
2453:
2444:
2441:
2432:
2431:
2424:
2418:
2417:
2406:
2400:
2399:
2397:
2389:
2383:
2382:
2371:
2365:
2364:
2353:
2347:
2346:
2334:
2313:
2308:
1898:press conference
1659:in the state of
1563:mainstream media
1475:Peter A. Diamond
1452:2013 Harkin bill
1429:purchasing power
961:Lewinsky scandal
933:Great Depression
858:Lawrence Summers
605:Dependency ratio
411:social insurance
391:
384:
377:
281:1981, 1984, 1986
219:Starve the beast
77:Major dimensions
70:
65:
55:
44:
41:
32:
21:
6583:
6582:
6578:
6577:
6576:
6574:
6573:
6572:
6553:
6552:
6551:
6546:
6500:
6449:
6423:
6377:
6351:
6346:
6285:
6163:
6151:
6131:
6109:
6096:
6079:
6073:
6053:
6047:
6027:
6021:
6019:Further reading
5999:
5992:
5979:
5974:
5971:
5970:
5960:
5958:
5951:"Ponzi Schemes"
5949:
5948:
5944:
5931:
5930:
5926:
5916:
5914:
5910:
5909:
5905:
5891:
5887:
5877:
5875:
5866:
5865:
5861:
5851:
5849:
5841:
5836:
5835:
5828:
5818:
5816:
5812:
5811:
5807:
5797:
5795:
5791:
5790:
5786:
5776:
5774:
5770:
5769:
5765:
5752:
5751:
5747:
5737:
5735:
5734:on May 27, 2005
5726:
5725:
5721:
5708:
5707:
5703:
5694:
5690:
5680:
5678:
5674:
5673:
5669:
5659:
5657:
5650:"Blocking Move"
5648:
5647:
5643:
5633:
5631:
5627:
5626:
5622:
5612:
5610:
5599:
5598:
5594:
5584:
5582:
5575:Weekly Standard
5569:
5568:
5564:
5550:
5549:
5545:
5535:
5533:
5529:
5528:
5524:
5514:
5512:
5508:
5507:
5503:
5498:. May 29, 2014.
5490:
5489:
5485:
5471:
5470:
5466:
5456:
5454:
5445:
5444:
5440:
5428:
5424:
5414:
5412:
5403:
5402:
5398:
5388:
5386:
5382:
5381:
5377:
5367:
5365:
5361:
5360:
5356:
5346:
5344:
5335:
5334:
5330:
5312:
5311:
5307:
5296:
5294:
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4289:Digital Library
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3720:on June 5, 2008
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2281:Pensions crisis
2267:
2178:
2160:
2140:Unearned income
2128:progressive tax
2116:Milton Friedman
2101:strategy" for "
2078:
1963:to promote the
1932:Club for Growth
1913:
1880:Scott McClellan
1804:
1783:
1763:Austan Goolsbee
1755:brokerages and
1749:
1716:
1685:
1653:diversification
1644:Michael Kinsley
1604:
1593:Joseph Stiglitz
1576:
1542:
1537:
1496:
1479:Peter R. Orszag
1472:
1454:
1448:over 75 years.
1437:
1383:
1374:
1342:
1337:
1324:
1286:
1258:
1246:
1180:
1172:Urban Institute
1158:Alice M. Rivlin
1124:Robert L. Clark
1117:Washington D.C.
1098:
1079:Charles Blahous
1020:
1018:Alternate views
1015:
975:Vice President
968:Spencer Abraham
942:
912:
867:
850:
833:
788:
783:
770:
741:
728:Social Security
716:
703:
638:
632:
615:
601:
568:Social Security
565:
563:Pensions crisis
555:
521:
504:Federal Reserve
427:life expectancy
407:Social Security
395:
366:
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334:
326:
325:
324:
314:Related events
312:
261:
230:
229:
164:
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151:Social Security
146:Social programs
136:
128:
127:
103:Military budget
78:
53:
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28:
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6414:Ticket to Work
6411:
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6357:
6353:
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6347:
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6344:
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6316:
6315:
6312:Democracy Now!
6304:
6299:
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6259:
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6158:
6157:
6150:
6149:External links
6147:
6146:
6145:
6140:
6135:
6129:
6115:Diamond, Peter
6107:
6100:
6094:
6077:
6071:
6055:Weisbrot, Mark
6051:
6045:
6020:
6017:
6016:
6015:
6005:Toffler, Heidi
6001:Toffler, Alvin
5997:
5969:
5968:
5942:
5924:
5903:
5885:
5874:. May 11, 1999
5872:Cato Institute
5859:
5848:. pp. 5â6
5826:
5805:
5784:
5763:
5745:
5719:
5701:
5697:Free to Choose
5688:
5667:
5641:
5620:
5609:. May 13, 2005
5592:
5562:
5543:
5522:
5501:
5483:
5478:Slate Magazine
5464:
5438:
5422:
5396:
5375:
5354:
5343:. May 20, 2005
5328:
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5008:
5003:New York Times
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4559:978-2024194347
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3133:Bloomberg News
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2241:party platform
2193:Cato Institute
2177:
2174:
2159:
2156:
2124:regressive tax
2110:Nobel Laureate
2095:Cato Institute
2082:George W. Bush
2077:
2076:Other concerns
2074:
2015:advertisements
1952:New York Times
1936:Cato Institute
1917:2004 elections
1912:
1909:
1888:Vice-President
1851:
1850:
1844:
1838:
1808:George W. Bush
1803:
1800:
1782:
1779:
1748:
1745:
1728:Cato Institute
1715:
1712:
1700:Gary S. Becker
1684:
1681:
1597:Richard Disney
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1038:Nobel Laureate
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1008:
1000:
984:George W. Bush
980:
964:
957:
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904:Cato Institute
866:
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838:Cato Institute
832:
829:
820:New York Times
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6236:Rolling Stone
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6139:
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6132:
6130:0-8157-1837-3
6126:
6122:
6121:
6116:
6112:
6111:Orszag, Peter
6108:
6105:
6101:
6097:
6095:0-8179-9972-8
6091:
6086:
6085:
6078:
6074:
6072:0-226-03546-8
6068:
6064:
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6056:
6052:
6048:
6046:9781560006268
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5809:
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5794:
5793:"Legacy Debt"
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5347:September 29,
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5297:September 29,
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5255:"Gazette.com"
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5239:September 29,
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972:Pete Domenici
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954:Newt Gingrich
951:
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637:
629:
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596:
594:
588:
586:
585:pay-as-you-go
581:
577:
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569:
564:
560:
552:
546:
538:
532:is exhausted.
531:
525:
518:
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509:
505:
501:
499:
495:
494:privatization
487:
483:
480:
475:
474:present value
471:
468:
464:
463:National Debt
459:
455:
451:
450:
449:
446:
443:
442:national debt
439:
435:
430:
428:
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416:
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176:Bush tax cuts
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30:
19:
6356:Key articles
6310:
6243:
6234:
6203:Cato Journal
6202:
6185:
6119:
6083:
6062:
6034:
6022:
6008:
5990:the original
5983:
5959:. Retrieved
5955:the original
5945:
5936:
5927:
5915:. Retrieved
5906:
5898:The Atlantic
5896:
5888:
5876:. Retrieved
5862:
5850:. Retrieved
5845:
5817:. Retrieved
5808:
5796:. Retrieved
5787:
5775:. Retrieved
5766:
5757:
5748:
5736:. Retrieved
5732:the original
5722:
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5691:
5679:. Retrieved
5670:
5658:. Retrieved
5654:the original
5644:
5632:. Retrieved
5623:
5611:. Retrieved
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5595:
5583:. Retrieved
5579:the original
5574:
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5525:
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5413:. Retrieved
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5366:. Retrieved
5357:
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5340:
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5323:the original
5318:
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5295:. Retrieved
5288:the original
5275:
5263:. Retrieved
5259:the original
5249:
5237:. Retrieved
5233:
5223:
5211:. Retrieved
5207:the original
5197:
5185:. Retrieved
5176:
5164:. Retrieved
5160:the original
5150:
5138:. Retrieved
5129:
5117:. Retrieved
5108:
5096:. Retrieved
5087:
5075:. Retrieved
5071:
5061:
5049:. Retrieved
5037:
5025:. Retrieved
5021:the original
5011:
5002:
4992:
4986:. Stateline.
4977:
4965:. Retrieved
4961:the original
4954:
4945:
4933:. Retrieved
4921:
4909:. Retrieved
4900:
4888:. Retrieved
4879:
4867:
4855:. Retrieved
4843:
4831:. Retrieved
4822:
4810:. Retrieved
4801:
4789:
4777:
4765:. Retrieved
4761:the original
4754:
4725:. Retrieved
4687:. Retrieved
4683:the original
4676:
4667:
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4649:
4638:the original
4625:
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4548:
4542:
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4415:
4407:dailykos.com
4406:
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4361:
4352:
4343:
4311:. Retrieved
4307:
4297:
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4069:
4060:
4051:
4045:. July 2010.
4042:
4016:|first=
3999:
3978:
3969:
3952:
3940:. Retrieved
3936:the original
3926:
3918:the original
3908:
3898:November 24,
3896:. Retrieved
3892:the original
3885:
3875:
3863:. Retrieved
3859:
3849:
3837:. Retrieved
3827:
3815:. Retrieved
3811:
3801:
3792:
3783:
3771:. Retrieved
3762:
3752:February 14,
3750:. Retrieved
3744:
3734:
3722:. Retrieved
3718:the original
3708:
3697:
3688:
3679:
3666:
3658:the original
3653:
3643:
3633:September 9,
3631:. Retrieved
3626:
3617:
3607:September 1,
3605:. Retrieved
3601:
3591:
3579:. Retrieved
3568:
3544:
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3508:
3483:
3471:. Retrieved
3457:
3443:
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3371:
3359:. Retrieved
3353:
3343:
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3138:the original
3131:
3122:
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3086:
3080:
3064:
3052:. Retrieved
3039:
3027:. Retrieved
3014:
3002:. Retrieved
2989:
2977:. Retrieved
2964:
2952:. Retrieved
2939:
2927:. Retrieved
2916:
2904:. Retrieved
2899:
2889:
2877:. Retrieved
2866:
2854:. Retrieved
2843:
2831:. Retrieved
2820:
2808:. Retrieved
2798:
2786:. Retrieved
2775:
2763:. Retrieved
2753:
2741:. Retrieved
2730:
2718:. Retrieved
2708:
2698:December 12,
2696:. Retrieved
2685:
2676:
2666:
2649:
2632:
2623:
2614:
2605:
2595:
2586:
2577:
2560:
2551:
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2524:
2512:. Retrieved
2503:
2477:
2422:
2413:
2404:
2387:
2378:
2369:
2360:
2351:
2342:
2306:
2258:
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2238:Republican's
2227:
2198:
2190:
2182:Ponzi scheme
2179:
2170:
2161:
2152:
2136:
2132:
2107:
2090:libertarians
2079:
2063:
2055:Memorial Day
2045:
2041:
2026:
2023:
2019:white papers
2012:
1999:conservative
1992:
1985:
1981:Bob Beauprez
1973:
1958:
1950:
1948:
1944:labor unions
1941:
1921:
1914:
1906:
1902:Robert Pozen
1895:
1884:
1871:
1859:
1852:
1846:
1840:
1834:
1828:Bill Clinton
1820:
1805:
1796:
1784:
1772:
1761:
1750:
1725:
1721:
1717:
1686:
1677:moral hazard
1669:
1665:Bill Clinton
1649:
1640:
1636:
1627:conservative
1620:
1612:
1608:
1601:
1589:Peter Orszag
1585:
1581:
1577:
1568:
1555:
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1526:
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1497:
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1409:
1402:Robert Pozen
1396:
1391:
1385:
1384:
1375:
1362:
1354:
1349:
1345:
1343:
1328:Barack Obama
1325:
1306:
1287:
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1247:
1235:
1231:
1213:
1189:
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1757:mutual fund
1753:Wall Street
1741:S&P 500
1737:index funds
1732:libertarian
1693:Nobel Prize
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1178:CBO studies
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894:(IRAs) and
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5585:January 9,
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1210:shortfall.
1196:shortfall.
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