Heard on the Hill
Andrew Biggs Testifies Re: Social Security Underfunding
In testimony before the House Ways and Means Committee, American Enterprise Institute Resident Scholar Andrew G. Biggs, Ph.D. defines the threat to American’s retirement security as being 85 percent attributable to “the government failing to fund the retirement benefits it has promised, from Social Security to public employee pensions at all levels of government.” Biggs’ remarks, presented in a white paper which you can access here, address the overall issue of Social Security reform focusing on differentiation between benefit increases and benefit cuts, and the tax implications of measures taken to change the program’s funding scenario. His remarks also present his viewpoints that the “crisis” is not driven generally by a lack of savings, citing Americans (again, in general) as “world-class retirement savers.”
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