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Audio Clip: Jim Horney Discusses Cost-of-Living Increase for Social Security on National Public Radio
October 22, 2009
Jim Horney Discusses Cost-of-Living Increase for Social Security on National Public Radio
Duration: 3:45
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Case For a Social Security Cost-of-Living Adjustment in 2010 Is Weak
Updated October 15, 2009
Under current law, there will be no cost-of-living adjustment (COLA) in Social Security in 2010 — the first time that has happened since automatic cost-of-living adjustments began in 1975. Several bills before Congress would grant a special increase in Social Security payments for 2010. The inflation … -
What the 2009 Trustees’ Report Shows About Social Security
May 18, 2009
On May 12, the Social Security Board of Trustees issued the 69th annual report on the program’s financial and actuarial status.[1] The trustees’ report shows some deterioration in the program’s long-run outlook, a finding that was widely expected. Nevertheless, the report does not depict a … -
Podcast: The 2009 Social Security and Medicare Trustees' Reports
May 12, 2009
The Social Security and Medicare Trustees' report on Medicare underscores the urgency of health care reforms to slow health care cost growth, starting with President Obama’s proposed Medicare reforms. The Trustees’ report shows Social Security doesn’t face an immediate crisis but does require changes, and the sooner they’re made, the better.
Duration 14:58
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Statement: Robert Greenstein on Trustees’ Social Security Report
May 12, 2009
The trustees’ report on Social Security shows that the program does not face an immediate crisis and isn’t at risk of collapsing and lacking funds to pay any benefits, even in the long run, but that Congress needs to restore Social Security’s long-term solvency so it can meet its … -
Social Security Does Not Face a Near-Term “Reckoning”
April 21, 2009
In recent weeks, several analysts, journalists, and legislators have sounded an alarm about the effect of the current recession on Social Security's near-term prospects, which has fostered an impression that the program may face serious problems in the next few years. Fortunately, this is not … -
Immigration and Social Security
November 20, 2008
Increases in immigration tend to improve the financial status of the Social Security program by a modest amount. Estimates by both the Congressional Budget Office (CBO) and the Social Security actuaries belie contentions that legalizing some undocumented immigrants, or increasing immigration in general, would impair the solvency of … -
A Balanced Approach to Restoring Fiscal Responsibility
July 9, 2008
In a recent paper, “Taking Back Our Fiscal Future,” a group of policy analysts from several Washington think tanks proposed a radical change in budget procedures related to Social Security, Medicare, and Medicaid as a way to address budget deficits projected for future decades. They urged Congress to establish 30-year budgets, or caps, for these programs. The White House would conduct a review every five years. If it projected that expenditures would exceed the caps, the programs would face automatic cuts or related tax increases.
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Trustees Reports Show Social Security Shortfall Manageable, Medicare's Problems More Daunting
Revised April 2, 2008
The annual reports of the Social Security and Medicare trustees project the financial status of these two programs for the next 75 years. The new reports confirm that policymakers will need to take action to keep Social Security and Medicare on a sound financial footing. In evaluating the new reports, the reader should keep several … -
Long-Term Social Security Shortfall Smaller Than Cost of Extending Tax Cuts for Top 1 Percent
March 31, 2008
The Social Security trustees’ report issued this week estimates that Social Security faces a total shortfall over the next 75 years of 0.56 percent of Gross Domestic Product (GDP). This is slightly less than the estimated cost over that same period of extending the 2001 and 2003 tax cuts just for the top 1 percent of … -
What the 2008 Trustees’ Report Shows About Social Security
March 27, 2008
Executive Summary On March 25, the Social Security Board of Trustees released the 68th annual report on the program’s financial and actuarial status. The report projects that Social Security’s trust fund reserves will be exhausted in 2041, the same as projected last year. In 2041, Social Security will be … -
Statement By Robert Greenstein Executive Director On The New Reports From The Social Security And Medicare Trustees
March 25, 2008
Today’s reports demonstrate again that policymakers will need to take action to shore up Social Security and Medicare finances, with the challenge being more modest in Social Security and more daunting in Medicare. Social Security The reports show that Social Security will be able to pay full benefits until 2041 and to pay 75 … -
What the 2007 Trustees' Report Shows about Social Security
April 24, 2007
Executive Summary On April 23, the Social Security Board of Trustees released the 67th annual report on the program’s financial and actuarial status. The report projects that Social Security’s trust fund reserves will be exhausted in 2041, one year later than in last year’s projection. In 2041, Social Security will be … -
A Brief Analysis of the Social Security and Medicare Trustees’ Report
April 23, 2007
The new Trustees’ report shows that action will need to be taken to shore up Social Security’s and Medicare’s finances. In evaluating the new report, several points should be kept in mind. The most serious financing problems are in Medicare. They primarily stem not from the nature of the Medicare program … -
Statement by Robert Greenstein on the New Report from the Medicare Trustees
April 23, 2007
Today’s report shows why it is so important for Congress to stand up to the health insurance companies and eliminate the large overpayments Medicare is making to private health insurance companies. Those overpayments, which the insurance companies have launched a … -
There Is No General “Entitlement Crisis”
January 29, 2007
As is well known, the United States will face grave budget challenges in coming decades. In a new set of federal budget projections through 2050, we find that if current policies remain unchanged, federal expenditures will increase substantially as a share of the economy and revenues will fall short of covering expenditures by increasing amounts, leading to exploding … -
Social Security and Inheritance
May 3, 2006
Executive Summary: Inheritance is one of the least understood issues in the Social Security debate. Supporters of private accounts often cite the ability to pass an account on to one’s heirs as an especially attractive feature of private accounts, one that the traditional Social Security system cannot match. For … -
Statement of Robert Greenstein, Regarding The Social Security and Medicare Trustees’ Report
May 1, 2006
Today’s report is another reminder of the serious long-term fiscal challenges the nation faces. Overall federal budget deficits will swell as the baby boom generation retires, medical costs continue their rapid ascent, and the growth of the U.S. workforce slows as a result of the aging … -
What the 2006 Trustees' Report Shows about Social Security
May 1, 2006
On May 1, the Social Security Board of Trustees released the 66th annual report on the program’s financial and actuarial status. The report projects that Social Security’s trust fund reserves will be exhausted in 2040, one year earlier than last year’s projection. After that year, Social Security will be able to pay 74 percent of scheduled benefits, rather than full benefits. … -
Will The Administration Claim the Cost of Fixing Social Security Rose $700 Billion Because Congress Did Not Act Last Year?
Revised May 1, 2006
President Bush and other Administration officials often claim that delaying action on Social Security by “...just one year adds $600 billion [or $700 billion] to the cost of fixing Social Security.”[1] Such claims may be repeated on May 1 when the Social Security Trustees release their annual report on the program’s finances. Such claims, however, are not accurate. The figures used in … -
Reforming Social Security Sooner Rather Than Later
April 28, 2006
A common refrain is that it is better to act sooner rather than later on Social Security reform. President Bush, for example, argues “Putting off real reform makes fixing the system harder and more expensive.”[1] As a general principle, the common refrain is right. Acting sooner rather than later allows … -
Social Security Administration Proposal To Revise Disability Determinations Is Not Justified
April 18, 2006
The Social Security Administration (SSA) is proposing to change how it evaluates age as a factor in establishing eligibility for disability benefits. Under the change, SSA would raise by two years the ages at which key rules used to determine eligibility for Social Security disability insurance (SSDI) or Supplemental Security … -
African Americans and Social Security: The Implications of Reform Proposals
January 18, 2006
Social Security is a critical program for African Americans. Some 4.8 million African Americans currently receive Social Security benefits, and African Americans benefit disproportionately from many of Social Security’s features, including a progressive benefit structure and survivors and disability benefits. Proposals … -
Press Release: Social Security Is a Good Deal for African Americans, Report Finds: Privatization Carries Special Risks for African Americans
January 18, 2006
African Americans receive modestly more in Social Security benefits for each dollar they pay in payroll taxes than whites do, explains a new report from the Washington, D.C.-based Center on Budget and Policy Priorities. The report is based on a wide range of studies conducted by government … -
Social Security Is a Good Deal for African Americans, Report Finds: Privatization Carries Special Risks for African Americans
January 18, 2006
Social Security is a critical program for African Americans. Nearly five million African Americans receive Social Security benefits; roughly half of them are retired workers, and the other half are either disabled workers or the spouses or children of disabled, retired, or deceased workers. African Americans benefit disproportionately from several features of the … -
What the New CBO Report Finds About Social Security “Grow Accounts”
September 21, 2005
On July 14, Rep. Jim McCrery (R-LA) and various other Republican members of the House of Representatives introduced H.R. 3304. This legislation, similar to a plan proposed by Senator Jim DeMint (R-SC), would establish Social Security private accounts, called “GROW accounts.” These accounts would receive … -
Policy Basics: Top Ten Facts on Social Security's 70th Anniversary
August 11, 2005
President Franklin Delano Roosevelt signed the Social Security Act on August 14, 1935, which established a basic compact between generations: younger workers would contribute payroll taxes, and retired workers would have a more secure retirement. Presidents from Dwight Eisenhower to Ronald Reagan have signed landmark Social … -
Private Accounts Would Substantially Increase Federal Debt and Interest Payments
Revised August 2, 2005
All of the major proposals to replace a portion of Social Security with private accounts would require large increases in federal borrowing for many decades. This increased borrowing is not necessary to restore Social Security solvency. Instead, the increased borrowing would be needed to finance the creation of … -
Selected Research Findings on Accomplishments of the Safety Net
July 27, 2005
Summarized below are some of the most important research findings on the accomplishments of government programs that assist low-income families and individuals. For more information, see the series of Center reports entitled What Have Low-Income Programs Accomplished? * Public Benefit System Sometimes called the “safety … -
The DeMint and McCrery Social Security Plans
Revised July 20, 2005
On July 15, Rep. Jim McCrery and a number of other Republican House members introduced legislation to establish private accounts in Social Security. The legislation embodies the plan that Rep. McCrery, Rep. Clay Shaw, and other members unveiled several weeks ago and is very similar to the plan that Senator Jim DeMint … -
Social Security and Hispanics: A Reply To The Heritage Foundation
July 5, 2005
In 1998, the Heritage Foundation issued reports portraying Social Security as a bad deal for Hispanic Americans and African Americans and touting private accounts as a vastly superior alternative.[1] The reports rested upon severe distortions and misuse of data. In a series of striking and unusual developments, … -
The Importance Of Social Security To The Hispanic Community
June 28, 2005
Executive Summary Social Security is of particular importance to Hispanic Americans. In fact, research demonstrates that Hispanics benefit more from the Social Security system than does the rest of the population. Specifically, Hispanics receive higher average returns on the taxes they have paid into the system than do other workers.… -
Hispanics And Social Security: The Implications Of Reform Proposals
June 28, 2005
Executive Summary The Hispanic community has a great deal at stake in the debate over Social Security. In a separate report, we have analyzed the particular importance of the Social Security system to the Hispanic community. [2] Hispanics receive a higher rate of return on the taxes they pay into the system than the rest of … -
Hispanics’ Large Stake In The Social Security Debate[1]
June 28, 2005
Executive Summary Supporters of replacing part or all of Social Security with private accounts have argued that Hispanics receive relatively little for their payroll tax contributions to Social Security and would fare better under a system of private accounts. In fact, the opposite is the case. Research … -
Would the DeMint Social Security Plan Promote Fiscal Responsibility?
June 24, 2005
Supporters of the DeMint proposal argue that the Social Security surplus is currently being “raided” by the rest of the budget because the surplus is being used to help cover the deficit. The claim that Social Security is being raided and that its finances are being weakened as a result … -
Statement Of Robert Greenstein On The DeMint Social Security Proposal
June 23, 2005
Under this DeMint plan, Social Security’s current annual surpluses would be shifted to private accounts rather than used to purchase Treasury bonds for the Social Security Trust Fund. This shifting of funds would end when the Social Security surpluses disappeared. This shifting … -
Press Release: Government Programs Penalize Retirement Saving By Low- and Moderate-Income Households
June 21, 2005
Issued Jointly With: The Retirement Security Project 1755 Massachusetts Avenue Suite 550 Washington, DC 20036 Phone: 202-483-1370 Even as Congress looks for ways to encourage Americans to save more for retirement, key government benefit programs discourage saving by disqualifying people who have modest … -
Policy Brief: Protecting Low-Income Families' Savings
June 21, 2005
Co-Author The Retirement Security Project 1755 Massachusetts Avenue Suite 550 Washington, DC 20036 Phone: 202-483-1370 This policy brief describes the steps that both the federal government and state governments can take to reduce an important barrier to retirement saving among low-income families: the … -
Congress Should Appropriate President’s Request For The Social Security Administration's Costs In 2006
June 6, 2005
In his fiscal year 2006 budget, President Bush has requested $9.4 billion for the Social Security Administration’s administrative expenses. (Technically, this is known as the Limitation on Administrative Expenses, or LAE.) Funding for SSA’s administrative costs is provided each year in the Labor, Health and Human … -
President Misleads On Social Security Rate Of Return
June 6, 2005
In Kentucky on June 2, the President stepped up his efforts to promote his Social Security plan with a claim that private accounts provide a substantially higher return than traditional Social Security without any added risk. The President said: “Right now, when we collect your money, if you’re a youngster out … -
Be Careful To Read The Fine Print When Supporters Claim Their Social Security Plans Restore Sustainable Solvency
June 6, 2005
The Social Security Administration’s Office of the Chief Actuary has certified that at least 11 proposals restore “sustainable solvency” to Social Security.[1] The certification of “sustainable solvency” does not mean, however, that a plan is sound. The actuaries are responsible for scoring … -
Does Galveston Offer a Model For Social Security Reform?
June 2, 2005
Some, including President Bush, have pointed to the experience of Galveston, Texas as demonstrating why private accounts should be incorporated into Social Security. In 1981, Galveston and two other Texas counties opted out of Social Security and established their own substitute Social Security systems for county employees.[1] … -
Would Private Accounts Provide A Higher Rate Of Return than Social Security?
June 2, 2005
Executive Summary Administration officials and other proponents of private accounts often compare the rate of return in Social Security to the rate of return they say would be achieved through private accounts. For example, in his State of the Union address, the President stated, “Here’s why the personal accounts … -
Ways And Means Social Security Bill Could Include Costly, Poorly Targeted Retirement Tax Proposals
May 27, 2005
House Ways and Means Chairman Thomas has suggested that new tax cuts to promote retirement savings should be considered as part of Social Security reform. Expanding retirement saving — especially among low-income families, many of whom have little or no savings — is an important goal, and steps … -
Boosting Income and Contribution Limits For Pension Savings Would Swell Deficits, Do Little For Middle-Class Families
May 18, 2005
Ways and Means Chairman Bill Thomas has suggested that new tax cuts to promote retirement savings should be considered as part of the effort to reform Social Security. Chairman Thomas has expressed interest in a range of proposals.[1] A number of retirement-related tax proposals have strong proponents on Capitol Hill, in … -
The Impact of The President’s Proposal On Social Security Solvency And The Budget
May 10, 2005
The President has announced two parts of his Social Security plan. In his State of the Union Address on February 2, he proposed private accounts, to be paid for by reductions in traditional Social Security benefits. In an April 28press conference, the President announced sliding-scale benefit reductions modeled on a plan … -
New White House Document Shows Many Low-Income Beneficiaries Would Face Social Security Benefit Cuts Under President’s Plan
May 10, 2005
The President’s Social Security proposals have been widely reported as protecting benefits for the bottom 30 percent of the population, people earning less than $20,000 today. A document that the White House gave reporters in a press briefing on May 4, however, contains charts showing the bottom 20 percent of beneficiaries … -
White House Distortions Mask Social Security Benefit Reductions
Revised May 10, 2005
The President recently endorsed “sliding-scale” benefit reductions in Social Security, as proposed by investment executive Robert Pozen.[1] The Pozen proposal entails reducing benefits for most workers below the benefit levels that would be paid under the current benefit structure. (The benefits under the … -
Will a Social Security Bill Become a Vehicle for Budget-Busting Tax Cuts?
May 6, 2005
The potential is growing that efforts to address the Social Security shortfall could become a vehicle for budget-busting tax cuts. At a press conference on April 29, House Ways and Means Committee Chairman Bill Thomas (R-CA) and Social Security Subcommittee Chairman Jim McCrery (R-LA) suggested combining the broad type of … -
Did the President Mislead on Social Security in His April 29 Press Conference?
Revised May 4, 2005
A series of statements by President Bush in his press conference on April 29 is likely to have left millions of viewers with misimpressions about his private-accounts proposal and about the Social Security system. Many of these statements had a common element — they created misleading impressions about how the private … -
Social Security Lifts 1 Million Children Above the Poverty Line
May 2, 2005
A little-known aspect of the Social Security program is its powerful role in providing income security for children. Census Bureau data show that 5.3 million children lived in families that received income from Social Security in 2002. Many of these children qualified themselves for Social Security payments because they were … -
Why the President's Social Security Proposals Could Ultimately Lead to the Unraveling of Social Security
May 2, 2005
President Bush has now endorsed a combination of “progressive price indexing,” a change in the Social Security benefit structure proposed by investment executive Robert Pozen, and private accounts carved out of Social Security. This combination spells danger for the future of the Social Security system. … -
An Analysis of Using "Progressive Price Indexing" To Set Social Security Benefits
Revised May 2, 2005
In his news conference on April 28, President Bush embraced a Social Security benefit reduction plan that is consistent with a proposal advanced by Robert Pozen, a former vice chairman of Fidelity Investments and a member of President Bush’s Social Security Commission. Pozenhas developed a change in the Social Security … -
How Would the President’s New Social Security Proposals Affect Middle-Class Workers and Social Security Solvency?
April 29, 2005
Summary In a press conference on April 28, President Bush endorsed a proposal that would result in substantial cuts in benefits for middle-income families and deeper cuts for higher-income families. While the proposal was described as reducing benefits for the most affluent Americans, it would result in … -
The Ryan-Sununu Social Security Plan:
April 26, 2005
In 2003, Peter Ferrara, a conservative policy analyst and activist, proposed a plan to divert very large amounts of revenue from Social Security into private accounts and to restore long-term Social Security solvency without either benefit cuts or payroll tax increases. Ferrara’s plan was subsequently endorsed by Jack Kemp, Newt … -
What the New Trustees' Report Shows About Social Security
March 23, 2005
On March 23, the Social Security Board of Trustees released the 65th annual report on the program’s financial and actuarial status. The report projects that Social Security’s trust fund reserves will run out in 2041, one year earlier than last year’s projection. After that year, the program will be able to pay … -
Statement: Statement of Robert Greenstein, Executive Director, Center on Budget and Policy Priorities, Regarding the Report Issued Today by the Social Security and Medicare Board of Trustees
March 23, 2005
The new trustees' report provides further evidence that Social Security more closely resembles a house with a leaking roof in need of repair than a house that is built on quicksand. Social Security will be able to pay 100 percent of promised benefits until 2041 (the year in which the … -
Social Security Lifts 13 Million Seniors Above the Poverty Line
February 24, 2005
Social Security benefits have a powerful poverty-preventing effect among the elderly. An analysis of Census data shows that nationwide, Social Security benefits lift nearly 13 million seniors age 65 and older above the poverty line. These figures reflect a three-year average for the period from 2000 through 2002.… -
Press Release: Social Security Lifts 13 Million Seniors Out of Poverty
February 24, 2005
Social Security benefits raise nearly 13 million seniors age 65 and older above the poverty line, a new Center report finds. The report provides data on the poverty-reducing effects of Social Security in each state. “In the average state, Social Security benefits are the difference between … -
An Overview of Issues Raised by the Administration's Social Security Plan
Revised February 7, 2005
This analysis is based on the briefing on the Administration’s Social Security plan that was provided to reporters on February 2 by a “senior Administration official.” 1. Administration Acknowledges Private Accounts Would Do Nothing to Improve Social Security Solvency. The Administration official … -
New White House Details Show the Proposed Private Accounts
February 4, 2005
A fact sheet released by the White House on February 3 acknowledged that retirees who receive a real rate of return on their private accounts equal to three percent above inflation (which is the Congressional Budget Office’s projected rate of return on such accounts, with risk adjustment) … -
An Analysis of Senator Graham’s Social Security Plan
Revised February 4, 2005
Senator Lindsey Graham (R-SC) introduced a Social Security plan in the 108th Congress, reportedly developed with the help of White House staff, that is based on the main plan designed by President Bush’s Social Security Commission. This analysis examines that plan. The Graham plan is broadly consistent with the new details that … -
How the Individual Accounts in the President’s New Plan Would Work
Revised February 4, 2005
In his State of the Union Address, President Bush outlined some of the details of the private accounts he is proposing but did not mention a critical fact about those accounts — individuals who chose to take up these accounts also would get a large, automatic reduction in their Social Security benefit. In effect, the … -
White House Press Secretary’s Description of Administration’s Private Accounts May Leave Misimpressions
February 3, 2005
In a briefing today, White House Press Secretary Scott McClellan contended that a story on the Administration’s Social Security plan printed in today’s Washington Post was inaccurate.[1] McClellan said: “The story is wrong. Individuals get to keep everything they set aside in personal accounts, plus the … -
President Tries to Have It Both Ways
February 3, 2005
In his State of the Union Address, President Bush used misleading statistics to create a false sense of crisis about Social Security. At the same time, in a White House briefing several hours before the President’s address, a senior Administration official acknowledged that the private accounts the Administration is … -
Administration Expected to Propose New Budget Rule That Could Adversely Affect Social Security, Medicare, SSI, Veterans’ Disability, and Other Programs
Revised February 2, 2005
Overview The Administration’s forthcoming budget is likely to propose a new budget rule that would affect Social Security, Medicare, veterans’ disability compensation, the Supplemental Security Income program for the elderly and disabled poor, health and retirement programs for federal civilian and military … -
The Administration’s Misleading $600 Billion Estimate of the Cost of Waiting to Act On Social Security
Revised February 2, 2005
President Bush recently claimed that delaying action on Social Security by “...just one year adds $600 billion to the cost of fixing Social Security.” [1] Other Administration officials have used the same figure. But this figure is highly misleading. The AmericanAcademy of Actuaries has specifically warned … -
So-Called "Price Indexing" Proposal Would Result In Deep Reductions Over Time In Social Security Benefits
Revised January 28, 2005
Increasing attention is being accorded to a proposal to make a major change in how Social Security benefits levels are set. Under a proposal that President Bush’s Social Security Commission put forward in 2001, Social Security benefits would shrink dramatically over time as a share of workers' pre-retirement wages, … -
Does Social Security Face a Crisis in 2018?
Revised January 11, 2005
A recently leaked White House memo indicates that the first phase of the Administration’s strategy to sell individual accounts will be to convince Americans that the Social Security system is “heading for an iceberg.” [1] The President frequently cites 2018 as the beginning of a Social Security crisis that, he says, will … -
Senator Misrepresents CBO Report in Launching Misleading Attack on Fiscally Responsible Social Security Plan
January 4, 2005
On December 22, the Congressional Budget Office released an analysis of a Social Security plan designed by M.I.T economist Peter Diamond, one of the world’s foremost experts on retirement issues, and Peter Orszag, an economist at the Brookings Institution. [1] On one measure after another, the CBO report demonstrated the … -
Should the Budget Rules Be Changed So That Large-Scale Borrowing To Fund Individual Accounts Is Left Out of the Budget?
December 13, 2004
Recent plans to replace part of Social Security with individual accounts would significantly increase federal borrowing for at least several decades. Over the next 10 years alone, various individual account proposals funded by borrowing would increase deficits and borrowing by between $1 trillion and $5.3 trillion. Such … -
Should the Budget Be Changed to Exclude the Cost of Individual Accounts?
December 13, 2004
Executive Summary Proposals to replace part of Social Security with individual accounts are now a focus of attention, with the President expressing a strong desire to push forward on creating individual accounts within Social Security. This paper considers the appropriate budgetary treatment of proposals to create such … -
Would Borrowing $2 Trillion for Individual Accounts Eliminate $10 Trillion in Social Security Liabilities?
December 13, 2004
Administration officials have been downplaying the significance of the $2 trillion in transition costs required by some individual accounts plans, by comparing that cost to the unfunded liability in Social Security over an infinite time horizon, which totals more than $10 trillion. For example, White House Press Secretary Scott …
