By Jed Graham
This exciting booklet introduces the 1st Social safety reform idea adapted to satisfy the nation's monetary demanding situations and deal with an getting older population.
• greater than 50 charts and tables element the controversy over Social defense reform, together with the money merits retirees could get less than numerous proposals
Read or Download A Well-Tailored Safety Net: The Only Fair and Sensible Way to Save Social Security PDF
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Extra info for A Well-Tailored Safety Net: The Only Fair and Sensible Way to Save Social Security
The takeaway is that the political hurdles to tax increases are more surmountable in the context of saving Social Security than in the context of deficit reduction. It follows, therefore, that Congress is much less likely to raise taxes simply to deal with deficit spending that is indirectly related to Social Security. In other words, given the bigger budget strains outside of Social Security, it can be expected that trustfund financed benefits would simply be paid for with debt. 2 trillion in unfunded benefits from 2016 through 2036—just before the trust fund runs out.
5 percent of wages, providing an inheritable claim on trust fund bonds to families who would not already receive generous survivor benefits. For workers retiring by 65, this portion of the account will be cashed in for their regular Social Security annuity. Delayed retirement as a route to ownership: Workers who retire after the Normal Retirement Age (NRA) will receive lump-sum payments equal to one half of an enhanced 10 percent delayed retirement credit. Offering the incentive of ownership will encourage workers to delay retirement and, thereby, strengthen incomesecurity in old age.
Let’s not cut benefits. We don’t want to cut benefits. Let’s not raise taxes,’’ DeMint said. ’’1 And where would those ‘‘real savings’’ come from? 2 Under the 2005 proposal from fellow Republicans Sen. John Sununu and Rep. 1 trillion financing gap between 2009 and 2036, at which time it would still be running a deficit of more than $700 billion a year. 3 Forget the Easter Bunny. DeMint’s idea for saving Social Security was to pull a 6foot-tall, talking rabbit out of a hat. Under Ryan-Sununu, all workers younger than 55 would have the option of depositing their payroll taxes in an investment account, rather than allowing the government to spend those funds.