The Cost of Delay on Social Security

    2014 Social Security Trustees' Report

    Report: The 2014 CBO Long-Term Budget Outlook

    CRFB Updates Debt Simulator

 The Cost of Delay on Social Security

 

Social Security is on a path to insolvency and unable to pay full benefits by 2033. A solution is achievable, but becomes much more expensive if our leaders in Washington procrastinate. Waiting until 2033 will increase the size of the required benefit cuts or tax increases by 50 percent. Read more here or try "The Reformer" to create your own plan for closing the shortfall.

 

 

2014 Social Security Trustees' Report

  

The Social Security and Medicare Trustees reports provide a detailed projection of each program's finances over the next 75 years. In response, we have condensed the 250-page Social Security report into a concise, 6-page analysis. Watch the video of our event, “Decoding the Social Security Trustees Report,” here.

 

Report: The 2014 CBO Long-Term Budget Outlook

  

The Congressional Budget Office (CBO) released its 2014 Long-Term Budget Outlook, detailing the budget picture for the next 75 years. The report shows debt rising as a share of the economy continuously after 2017, a trend which CBO describes as unsustainable over the long run. Read our six-page analysis of the report here.

 

CRFB Updates Debt Simulator

 

The long-term debt of the United States is rising to unprecedented – and unsustainable – levels. Everyone has an opinion on what should be done about America's finances. Here's your chance to try out your ideas. Read the blog.   

 

 

CRFB's Blog: The Bottom Line

Many policymakers have expressed concern about "tax inversions," transactions where American companies move their headquarters overseas in order to pay a lower tax rate. The inversions are estimated to cost about $20 billion in lost corporate tax revenue over the next ten years. Yet even as Congress and the Administration debate whether to stop inversions, there is bipartisan agreement on a series of tax breaks that could cost 35 times more. Reviving the tax extenders continually over the next 10 years will cost about $700 billion (about $400 billion in corporate tax breaks, and about $300 billion for other businesses and individuals)

The Postal Service has been losing money in recent years and has needed to cut back on services and raise stamp prices. However, these latest reductions are setting off a squabble among lawmakers. After USPS announced plans to consolidate 82 mail processing centers in 2015 and shed 15,000 jobs, 50 mostly Democratic senators sent a letter to the Senate Appropriations Committee and Financial Services and General Government Subcommittee chairs and ranking members asking them to postpone the reductions for one year and return mail delivery standards back to where they were in July 2012 to buy time for postal reform. Senate Homeland Security and Government Committee Chairman Tom Carper (D-DE) responded with a statement arguing that the best way to address these concerns would be for Congress to enact reforms to fix the financial challenges facing the Postal Service. But are lawmakers close to an agreement?

The Bipartisan Policy Center's Health Project has kicked off a series of white papers on overcoming the obstacles to delivery system reform with an overview of the opportunities and challenges for reform, over a year after producing a comprehensive health care reform proposal. The white papers will be done in consultation with a diverse set of health care policy experts and stakeholders.

With the "doc fix" set to expire in April 2015, threatening to cut Medicare physician payments by about one-fifth, an opportunity exists for lawmakers to put in place a fiscally responsible replacement system.

August 20, 2014
Congress irresponsibly takes ‘pension smoothing’ from exception to habit

The Washington Post editorial board came out today criticizing Congressional use of gimmicks, saying that the recent use of pension smoothing was a new low for a Congress already known for fiscal irresponsibility. Pension smoothing was recently passed as part of an 8-month patch to the Highway Trust Fund, which will now have enough funds to pay for federal transportation projects through next May.

 
June 4, 2013
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.
September 27, 2011
If you've ever wanted to design your own corporate tax reform, now you can with our new Interactive Tax Reform Calculator. There is no question that the U.S. corporate tax system is badly in need of reform, and leaders in both parties have been pursuing this goal.

CRFB Projects

The Campaign to Fix the Debt is an unprecedented and bipartisan coalition that seeks to mobilize members of business, government, and policy communities to urge Congress and the President to enact a comprehensive debt deal.

The Moment of Truth (MOT) project is a non-profit, non-partisan effort that seeks to foster honest discussion about the nation’s fiscal challenges, the difficult choices that must be made to solve them, and the potential for bipartisan compromise that can move the debate forward and set our country on a sustainable path.