Social Security Reform: An Analysis of the Issues and Thoughts on How to Move Forward - Tax Foundation
Media accounts of our Social Security System’s problems have been plentiful over the past few years, especially as the projected depletion of the program’s financial reserves draws closer. The latest official forecast suggests these reserves–the combined Old Age and Survivors trust fund and the Disability Insurance trust fund–will be exhausted by 2035, forcing an across-the-board benefit reduction if there is no legislative intervention.
This is no small matter, and the closer we get to total reserve depletion, the more disruptive corrective action will likely be. For this reason, many are hopeful that the new Congress convening in January will bring signs of serious consideration of a path forward. In preparation, thoughtful analyses are beginning to emerge that will hopefully guide thinking on this issue, starting with a complete understanding of the history that has led to the current state of America’s Social Security System and including an equally full knowledge of how the system works today.
As has been our practice here at the AMAC Foundation’s Social Security Report, we will continue to bring attention to important publications and articles covering this critical subject. Today, we’re sharing a Tax Foundation post that provides an extensive analysis of the need for Social Security reform, beginning with a historical account of past legislative changes and including the implications of possible corrective measures for the future. Lessons that could be learned from a review of policies enacted in other countries are a key component of this Tax Foundation study. Overall, it is a well-structured piece, which you can read in full here.