Financial Status
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Statement: Robert Greenstein, Executive Director and James Horney, Director of Federal Fiscal Policy, on the Final Report from the Co-Chairs of the Deficit Commission
December 1, 2010
The new deficit reduction plan that the co-chairs of the President’s Commission on Fiscal Responsibility and Reform — former Clinton White House Chief of Staff Erskine Bowles and former Republican Senator Alan Simpson — presented today to commission members contains a number of relatively modest … -
Rivlin-Domenici Deficit Reduction Plan Is Superior to Bowles-Simpson in Most Areas
November 30, 2010
The Rivlin-Domenici deficit reduction plan, which a commission of the Bipartisan Policy Center unveiled last week, marks a significant improvement over a plan from the co-chairs of President Obama’s fiscal commission — with the exception of health care, in which the Rivlin-Domenici plan actually is more problematic. … -
“Progressive” Price-Indexing Would Significantly Cut Social Security Benefits for Many Recipients
November 17, 2010
Proposals to tie initial benefit levels for new Social Security beneficiaries to changes in prices rather than average wages are receiving attention as policymakers wrestle with the nation’s fiscal challenges and with options to close Social Security’s long-term financing shortfall. Such proposals, commonly called … -
Bowles-Simpson Plan Commendably Puts Everything on the Table But Has Major Deficiencies Because It Lacks an Appropriate Balance Between Program Cuts and Revenue Increases
November 16, 2010
I. Overview and Summary The November 10 plan from the co-chairs of President Obama’s Commission on Fiscal Responsibility and Reform helps move the budget debate beyond misguided claims that policymakers can tame deficits simply or primarily by eliminating earmarks and “waste, fraud, and abuse.” It also wisely subjects all … -
Social Security Shortfall Warrants Action Soon
November 9, 2010
For more than two decades, the Social Security trustees have reported that there is a significant long-term gap between the program’s benefits and revenues under current policies. Policy makers have not yet corrected this imbalance in part because of the difficulty of finding an acceptable compromise resolution. Reasonable individuals disagree about the … -
Bipartisan Experts Agree that Social Security Shortfall Exists; Congress Should Act Soon To Fix It
November 9, 2010
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Understanding the Social Security Trust Funds
October 5, 2010
Few budgetary concepts generate as much unintended confusion and deliberate misinformation as the Social Security trust funds. Political candidates of both parties have accused their opponents of “raiding” the trust funds.[1] Some writers disparage the trust funds as “funny money” or “IOUs.”[2] All these … -
Social Security Does Not Need a “Bailout”
Updated August 24, 2010
In recent months, a few commentators have sounded an alarm about the recession’s impact on Social Security’s near-term prospects, which may lead some people to think that the program faces financial problems in the next several years. Fortunately, that is not the case. Social Security continues to run annual surpluses and … -
What the 2010 Trustees’ Report Shows about Social Security
August 13, 2010
On August 5, the Social Security Board of Trustees issued the 70th annual report on the program’s financial and actuarial status. [1] The trustees’ report shows some mild deterioration in the program’s short-term outlook — a finding that was widely expected — and a mild improvement in its long-run …
