Social Security’s Chief Actuary Sets the Table for Action - MarketWatch
Stephen Goss, Social Security’s chief actuary, lays out a series of key points describing the program’s solvency issues in a post on marketwatch.com. Beginning with a clarification of the ubiquitous “going broke” myth, Goss racks up twelve fundamental topics that are key to not only understanding the situation, but comprehending how various solutions might play out.
Goss cites the importance of avoiding procrastination in dealing with the solvency dilemma and paints a picture suggesting that the problem is worsening as time passes. He also analyzes why some popular suggestions for “fixes” might not be all that they’re cracked up to be, and touches on the disconcerting fact that Social Security’s COLA methodology isn’t correctly reflecting the costs seniors face.
After suggesting that the debt-ceiling struggle currently underway may not be a deciding factor in Social Security’s future, he closes with an observation that solving the problem might come to “closed door” sessions of the type that rescued the program at a previous crisis point. All-in-all, a very good overview the key aspects of this vexing situation. Read his post here…