Social Security

Social Security in Even Worse Shape than Before

Over the course of this week, we have been discussing CBO's recent Budget and Economic Outlook. On Tuesday, we summarized the report and released a paper that walked through the details.

Raising Eligibility Ages Is Good for the Budget...and the Economy

Over the past couple of years, we've been arguing that raising the Social Security and Medicare ages could be an important part of a fiscal reform agenda.

The Urban Institute's Video on the Fiscal Commission's Social Security Plan

As the title of the blog suggests, the Urban Institute has a video with senior fellow Melissa Favreault analyzing the Social Security piece of Bowles-Simpson. You can view that video below.

MY VIEW: Marc Goldwein

In an op-ed for The Atlantic, CRFB Senior Policy Director Marc Goldwein made the case for offsetting the costs of the payroll tax cut, AMT patch, and unemployment benefit extension with the chained CPI. He argued that using the chained CPI, which is widely considered to be the most accurate measure of inflation available, makes both technical and budgetary sense.

Paying for Any Payroll Tax Cuts

Later this week, Senate majority leader Harry Reid is expected to hold a vote on the two largest components of President Obama’s jobs bill, totaling $250 billion of the $450 billion proposal.

Again on the Facts of the Chained CPI

It's amazing how sequences in Washington can repeat themselves. 

Congressman Chaffetz Releases Social Security Plan

Congressman Chaffetz (R-UT) has just proposed a Social Security reform plan to restore solvency to the program. The plan relies on reforms to the benefit side of the equation and calls for slowing the growth of benefits for higher-earners, increasing the numbers of years over which benefits are calculated, fixing the cost-of-living calculation by switching to the chained CPI, and enhancing benefits for lower-income earners and the very old, among other changes.

Social Security Debate Heats Up

With reports that the Super Committee has been considering reforms to Social Security, rhetoric from all sides of the issue has been heating up. This past weekend, the Washington Post ran an interesting article on Social Security, its trust fund and funding system, and its future insolvency.

The Importance of Shared Sacrifice

As is well-known by now, the growth in entitlement programs fueled by rising health care costs and an aging population threatens an ever-increasing national debt. Our largest mandatory spending programs occupy nearly one-third of the federal budget and, in the coming years, payments out of these programs will continue to outpace the rate of growth in the overall economy. As such, serious entitlement reforms will have to play a role in a comprehensive approach to long-term debt reduction, along with other areas of the budget, in order to get our fiscal house in order.

Social Security COLA Increase

Social Security beneficiaries will see a raise in their benefits next year, resulting from a 3.6 percent cost-of-living adjustment (COLA) increase. The last time seniors saw such an increase was 2009, when they received a 5.8 percent bump in their Social Security checks.

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