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Social Security Reform…Looking Into the Crystal Ball - Urban Institute
As we’ve been predicting, interest in addressing Social Security’s steadily unfolding financial disaster is picking up quickly. In fact, a recent comment by Newsmax labeled Social Security a “central battlefield” in the midterm election cycle. We’re seeing many thought leaders emerge with plans and suggestions for program reform aimed at addressing the financial difficulties projected for the years ahead, and we’re witnessing a crystallization of the root problems where focus is needed. A post yesterday by Urban Institute senior fellow Jonathan Schwabish is an example of the positions being taken by leading organizations…click here to read it in full.
Schwabish’s article identifies the three key areas of concern for Social Security: increased longevity across the beneficiary spectrum, projected workforce demographics, and rising earnings inequality within the U.S. workforce. His post goes on to discuss recent corrective actions that have surfaced, and introduces Urban Institute’s microsimulation model that can be used to analyze how various reform measures can affect the program’s financing.