Both the Social Security Chief Actuary and the CBO have already weighed in on the Senate's immigration reform bill, showing that it would give a short-term boost to Social Security and a slight cost to the rest of the budget. Now that the bill has passed the Senate, the CBO and the Chief Actuary have put forth more in-depth analyses of the legislation.
The projections in the latest Medicare and Social Security Board of Trustees Report were further proof of the need to reform these important entitlement programs. But for some seeing is believing. Luckily, the Peter G.
Yesterday, the CATO Institute hosted a panel discussion featuring CATO Senior Fellow Jagadeesh Gokhale, MIT economics professor David Autor, University of Chicago professor Harold Pollack, and Social Security Administration Chief Actuary Stephen Goss.
This weekend, The New York Times (NYT) editorial board laid out an argument for why they believe Social Security’s long-term gap is relatively manageable, that any solution should come mainly on the revenue side to offset cuts already in place, and that their readers should beware of “the deficit-obsessed, anti-tax world of Washington [where] closing the shortfall in Social Security has come to mean broadly cutting benefits.”
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.
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.
Update: The video has now been posted.
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.