Social Security

Rubio Proposes Retirement Program Reforms

As the Senate works this week to increase the debt, Sen. Marco Rubio (R-FL) outlined a series of reforms to Social Security, Medicare, and retirement accounts in a speech at the National Press Club on Tuesday.

Social Security's Worsening Financial Picture Since 2011

We have already shown how both federal health care spending and revenue projections have been revised downward by $900 billion and $4.2 trillion, respectively, through 2021 since CBO's March 2011 baseline. Another story -- one that is a continuation of a trend since the Great Recession -- is the deterioration of Social Security's finances.

CBO's Social Security Projections

In CBO's 2014 Budget and Economic Outlook released this week, they addressed the future of the federal government's largest program, Social Security. Social Security has two separate trust funds: one for Old Age and Survivors Insurance and one for Disability Insurance. It is clear from CBO's analysis that both face mounting fiscal challenges in the coming years.

Explaining the "Double-Dipping" Provision

As the Senate looks for offsets for an unemployment insurance extension, there is one provision that has gotten some attention: ending "double-dipping" for those receiving both UI and federal disability benefits.

Social Security Trustee Warns About Expansion Proposals

Late in 2013, a debate about Social Security erupted centering around calls from some progressives to broadly increase Social Security benefits at a time when the program is already financial unsound. We weighed in a few weeks ago, explaining that given the program's existing actuarial shortfall, expanding it with broad-based benefit increases would be misguided (though targeted benefit enhancements may be warranted).

Setting the Record Straight on Social Security

Recently, many policymakers and commentators have called for expanding Social Security benefits rather than slowing the program’s costs, suggesting that the program’s current shortfalls are modest and easily addressed. Below, we answer some questions about Social Security to help explain why many of these calls are misguided.

CBO 95 Percent Confident Social Security Trust Fund Runs Out in 25 Years

CBO's Long-Term Budget Outlook contains significant amounts of helpful data on Social Security. However, a lot of the data focus on just the outlays of the program; by contrast, reformers tend to focus more on its overall finances and the state of the trust fund. Today, CBO published some additional information on Social Security, showing both the program's full finances and, importantly, the ranges of uncertainty in their projections.

Social Security Should Be Part of the Conversation

All eyes are on the budget conference committee, which has a myriad of options available to consider as it negotiates this year's budget resolution. Some advocates and lawmakers have been discussing Social Security reform as an area that might be able to get bipartisan consensus.

SSA Announces New COLA

Yesterday, the Social Security Administration announced that beneficiaries will be receiving a 1.5 percent Cost-of-Living Adjustment (COLA) this year. Although this update is below the 1.7 percent increase provided this year and the 3.6 percent increase provided for 2012, it is reflective of the relatively low inflation experienced over the past year.

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