Social Security

A Bipartisan Bill to Reduce Overlapping Payments in UI and DI

Bipartisanship will be a crucial element when it comes to reforming Social Security and achieving other budget related reforms in the near future. In this regard, the introduction of the bipartisan Reducing Overlapping Payments Act, by Senators Tom Coburn (R-OK), Jeff Flake (R-AZ), Angus King (I-ME), and Joe Manchin (D-WV) is an encouraging sign and a step in the right direction for more reform of the Social Security and other parts of the budget.

Taking The Reformer For a Spin

CRFB's latest interactive tool "The Reformer" is a handy game that allows users to design their own Social Security plan. Users can select from a wide variety of benefit and revenue changes to make the system sustainably solvent. The tool then shows the effect on the program's finances and benefit and tax levels.

Social Security Trustees Release Latest Projections

Today, the Social Security and Medicare Trustees released their annual reports with projections of the finances of both programs.

WATCH: Social Security and Medicare Trustees Release Their Reports

At 11 AM Eastern time, the Social Security and Medicare trustees will release their respective reports on the finances of the two programs over the next 75 years. The release will be done at a press conference with Treasury Secretary Jacob Lew, Health and Human Services Secretary Kathleen Sebelius, Acting Labor Secretary Seth Harris, and public trustees Charles Blahous and Robert Reischauer. You can watch the webcast of the press conference here.

The Economist on Entitlement Reform

Notwithstanding the recent short-term progress in reducing the deficit, our long-term debt outlook remains a problem. Although additional revenue will be needed, long-term success in making the debt sustainable will hinge on the ability of policymakers to slow the growth of entitlement spending.

6/4 Event: "Challenges Facing Social Security"

On Friday, the Social Security and Medicare Trustees will issue their latest report, showing the finances of the two programs and their related trust funds over the next 75 years. The following Tuesday, June 4 at 8 AM Eastern time, the Committee for a Responsible Federal Budget, the Mercatus Center, and Third Way will hold an event discussing the implications of the report for the future of Social Security.

The Time for Social Security Reform is Now

Today, the House Ways and Means Subcommittee on Social Security held a hearing on bipartisan proposals to reform Social Security. Members of the subcommittee and the witnesses all agreed that now is the time to reform Social Security, which is currently projected to be unable to pay full benefits by 2033.

Live: Ways and Means Holds Hearing on Social Security Bipartisan Benefit Reforms

Tune in as the House Committee on Ways and Means Subcommittee on Social Security will hold a hearing on bipartisan proposals to reform Social Security benefits and their impact on beneficiaries, the budget, and the economy. CRFB's Senior Advisor and Moment of Truth Director Ed Lorenzen will testify on possible reforms to entitlement programs. CRFB board members William Hoagland and Eugene Steuerle will also be testifying tomorrow. The hearing is scheduled to begin at 9:30 am.

Immigration Reform: A Boon to Social Security?

On the eve of the Senate Judiciary Committee marks up the Gang of Eight’s immigration bill, Stephen Goss, the Chief Actuary of the Social Security Administration, provided a preliminary breakdown of the legislation’s impact on Social Security. In his response to a request made by Senator Marco Rubio (R-FL), Goss analyzes the bill’s treatment of immigrants currently living in the U.S.

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