Social Security Archive
Results per page: 50 | 100
Results by year: 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 - 1998
-
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 … -
Public Benefits: Easing Poverty and Ensuring Medical Coverage
Revised August 17, 2005
When individuals and families experience crises such as job loss, illness, disability, or divorce, they may face the prospect of falling into poverty (or becoming poorer) and losing health insurance coverage. Various government assistance programs are designed to lessen these hardships. These programs also provide support when families work but have low earnings and when … -
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 … -
Press Release: What Does the Safety Net Accomplish?
July 19, 2005
Public benefit programs cut the number of poor Americans nearly in half (from 58 million to 31 million) and dramatically reduce the severity of poverty for those who remain poor, while providing health coverage to tens of millions of people who otherwise would be uninsured, according to a new report from the Center on Budget and Policy … -
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 …
