Policy Options for Addressing Social Security & Medicare Solvency Issues - Peter G. Peterson Foundation
The focus on resolving the rapidly eroding financial positions of our country’s two critical senior safety net and income security programs—Social Security and Medicare—is growing. As we look ahead to the incoming congressional session, various solutions will likely enter the discussion. Yesterday, The Peter G. Peterson Foundation added to this growing body of reference material with a post recapping views on policy options to address these two programs. Click here to read the post in full.
The Social Security options summarized in the Peterson post address the main policy areas likely to be considered, including the payroll tax rate, the maximum taxable earnings cap, potential benefit reductions for future retirees, and considerations for raising the full retirement age. The post also discusses the merits of bringing state and local government workers under the Social Security umbrella. Included in the post are several pertinent statistics that weigh into an assessment of these policy areas’ impact on the program’s overall financial picture.
On the Medicare front, the post outlines three primary healthcare policy areas, including negotiating prescription drug prices, potential limitations on federal healthcare spending, and overall restructuring of the federal healthcare system.