Financial Status
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Testimony of Kathy A. Ruffing Senior Fellow, Center on Budget and Policy Priorities, Before the Subcommittee on Social Security Committee on Ways and Means U.S. House of Representatives
March 20, 2013
Mr. Chairman, Ranking Member Becerra, and members of the subcommittee, I appreciate the invitation to appear before you today.[1] The Social Security Disability Insurance (DI) program provides modest but vital benefits to workers who become unable to perform substantial work on account of a serious medical impairment. Although some … -
Social Security Disability Insurance is Vital to Workers With Severe Impairments
August 9, 2012
The Social Security Disability Insurance (DI) program provides modest but vital benefits to workers who become unable to perform substantial work on account of a serious medical impairment. Although some critics charge that spending for the program is “out of control,” the bulk of the rise in federal disability rolls … -
What the 2012 Trustees' Report Shows About Social Security
May 10, 2012
On April 23, the Social Security Board of Trustees issued its annual report on the program's financial status.[1] The report shows some deterioration in the program's finances since the 2011 report. While that revision — which stems chiefly from lingering economic weakness — is not alarming, it reminds policymakers … -
Media Briefing: Understanding the Annual Reports of the Social Security and Medicare Trustees
April 23, 2012
The Center on Budget and Policy Priorities held a conference call briefing on Monday, April 23 at 4:00 pm (ET) to discuss the 2012 reports of the Social Security and Medicare Trustees.
Paul Van de Water, Senior Fellow at the Center and one of Washington’s leading experts on both Social Security and Medicare, and Robert Greenstein, President of CBPP discussed what the reports say about the long-term financial status of Social Security and Medicare.
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Statement of Robert Greenstein on the 2012 Social Security Trustees' Report
April 23, 2012
The trustees’ report, with its projection that, in the absence of policy changes, Social Security will be able to pay full benefits only until 2033 — and about 75 percent of scheduled benefits after that — indicates Congress should act soon to address the program’s long-term … -
Chained CPI Can Be Part of a Balanced Deficit-Reduction Package, Under Certain Conditions
February 22, 2012
A proposal included in several deficit-reduction packages — those from fiscal commission co-chairs Erskine Bowles and Alan Simpson, the Domenici-Rivlin panel, and the Senate "Gang of Six" — would shift from the regular or official Consumer Price Index (CPI) to the "superlative" or "chained" CPI when … -
Balanced Budget Amendment Highly Ill-Advised for Addressing Long-Term Fiscal Problems
November 14, 2011
The balanced budget amendment to the U.S. Constitution that the House will consider this week would be a highly ill-advised way to address the nation's long-term fiscal problems. It would threaten significant economic harm while raising a host of problems for the operation of Social Security and other vital federal functions. The … -
The Composition of Past Deficit-Reduction Packages – And Lessons for the Next One
November 14, 2011
Revenue increases were a part of every major deficit-reduction package in the 1980s and 1990s until the Balanced Budget Act of 1997. In several cases — notably in 1982 and 1984 (where they offset a portion of President Reagan's large tax cuts of 1981) — they dominated the package. In several other cases … -
What the 2011 Trustees' Report Shows About Social Security
May 24, 2011
On May 13, the Social Security Board of Trustees issued its annual report on the program’s financial status. [1] The trustees’ report shows some mild deterioration in the program’s short- and long-term outlook — a finding that was widely expected and well within the range of past revisions. Several key … -
Statement: Robert Greenstein, President, on the 2011 Social Security Trustees' Report
May 13, 2011
The trustees’ report shows that Social Security faces no immediate crisis and will have substantial resources to pay benefits even over the long run, but it faces a long-term shortfall that Congress should address sooner rather than later so the program can meet its promises. … -
Media Briefing: Principles and Cautions for Deficit Reduction
March 24, 2011
Robert Greenstein, President, and James R. Horney, Vice President for Fiscal Policy discuss a major new report, which suggests a framework for a comprehensive deficit reduction package, discusses the appropriate mix of tax and program savings for it, recommends some important ways to achieve those savings, explains the effects that such a package should have on poverty and inequality, and highlights some misguided proposals that policymakers should avoid.
Duration: 20:13
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A Framework for Deficit Reduction: Principles and Cautions
March 24, 2011
The nation is on an unsustainable fiscal course, and policymakers need to make major changes in policy. As a number of bipartisan panels have recommended over the past year, policymakers should aim to stabilize the debt as a share of the economy (the Gross Domestic Product) so the debt does not rise relentlessly as a share of the … -
Social Security Benefits are Modest
January 11, 2011
Social Security benefits may be on the chopping block as policymakers wrestle with the nation’s long-term fiscal challenges. The co-chairs of the President’s fiscal commission, Erskine Bowles and Alan Simpson, proposed a plan to ensure Social Security’s long-term solvency that relies on benefit cuts for two-thirds of its savings over the next 75 years, and … -
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 … -
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 … -
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 … -
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 … -
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 … -
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 … -
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 … -
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 …
