Social Security Archive
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Chained CPI Proposal Would Cut Social Security Retirement Benefits by About 2 Percent, on Average
April 23, 2013
The President’s new budget proposes to use the chained Consumer Price Index (CPI) for computing cost-of-living adjustments in Social Security and certain other federal benefits, as well as for indexing key parameters of the tax code.[1] The effect of this proposal on Social Security retirement benefits would vary by a … -
Policy Basics: Federal Payroll Taxes
Updated April 15, 2013
The federal government levies payroll taxes primarily on wages and self-employment income and uses most of the revenue to fund Social Security, Medicare, and other social insurance benefits. Federal payroll taxes generated $845 billion in 2012, or 35 percent of all federal revenues (see “Policy Basics: Where Do Federal Tax Revenues Come From?”). … -
President Obama’s Deficit-Reduction Package and Other Proposals in the 2014 Budget
April 11, 2013
The President’s 2014 budget is presented in two parts. One part includes the package of deficit- reduction policies that the President included in his last offer to Speaker Boehner during the “fiscal cliff” negotiations in December 2012. This package would reduce the deficit by $1.8 trillion over the next decade … -
Statement by Robert Greenstein, President, on President Obama’s FY 2014 Budget
April 10, 2013
President Obama’s budget includes a $1.8 trillion deficit reduction package that reflects his last offer to Speaker Boehner during their budget talks in December. The new budget — like the President’s offer — represents a substantial compromise on the President’s part; compared to the President’s original offer to the … -
Commentary: The Debate Over the Chained CPI
April 9, 2013
The news that President Obama’s new budget will propose adopting the “chained” Consumer Price Index (CPI) for cost-of-living adjustments in Social Security and other retirement programs, and annual inflation adjustments in the tax code, has intensified the debate on this issue. Some commentators portray this proposal as … -
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 … -
Deficit Reduction Should Not Increase Poverty and Hardship
March 11, 2013
Executive Summary With President Obama and lawmakers of both parties vowing to achieve further deficit reduction, the stakes are high for low- and moderate-income Americans. If policymakers heavily target programs that serve vulnerable Americans, they will run the risk of increasing poverty and hardship and reducing opportunity for … -
Testimony of Robert Greenstein, President, Center on Budget and Policy Priorities, Before the Senate Committee on Finance
February 26, 2013
Mr. Chairman and distinguished members of the Finance Committee, I appreciate the invitation to testify here today. As we all know, the nation faces fiscal and economic challenges, and we will have to make some tough decisions to put the budget on a more sustainable fiscal course and to do so without hindering a still-too-weak economic … -
Testimony of Robert Greenstein, President, Before Senate Budget Committee
February 13, 2013
I appreciate the invitation to testify today on the impact of federal budget decisions on families and communities. This is an important matter. As you know, the nation will have to make tough decisions to put the budget on a more sustainable fiscal course. The issue is not only whether policymakers act to secure adequate … -
“Boehner Rule” Linking Debt-Ceiling Increase to Spending Cuts Is Dangerous Policy
January 25, 2013
House Speaker John Boehner has argued that “any increase in the debt limit has to be accompanied by spending reductions that equal or exceed it.”[1] The Budget Control Act (BCA) of 2011, which ended the previous debt-limit showdown, paired a $2.1-trillion increase in the debt ceiling with spending cuts of similar size.[2] … -
SSI and Children with Disabilities: Just the Facts
December 14, 2012
Supplemental Security Income (SSI) benefits for low-income disabled children are back in the news, in part because of a recent New York Times column by Nicholas Kristof.[1] Unfortunately, the program is being subject to some sharp criticism that is based on misunderstanding of key issues related to SSI for poor children with … -
Non-Defense Discretionary Programs Will Face Serious Pressures Under Current Funding Caps
Revised December 6, 2012
President Obama and Congress achieved $1.5 trillion in discretionary program cuts over the next ten years primarily by setting tight caps on annual discretionary funding in the Budget Control Act (BCA) of 2011.[1] Congress adhered to those caps in 2012 in writing its appropriations bills for that year, but has yet to enact final … -
Policy Basics: Top Ten Facts about Social Security
Updated November 6, 2012
President Franklin Roosevelt signed the Social Security Act on August 14, 1935. Almost eight decades later, Social Security remains one of the nation’s most successful, effective, and popular programs. It provides a foundation of income on which workers can build to plan for their retirement. It also provides valuable social … -
Social Security Keeps 21 Million Americans Out of Poverty: A State-by-State Analysis
October 16, 2012
Social Security benefits play a vital role in reducing poverty. Without Social Security, 21.4 million more Americans would be poor, according to the latest available Census data (for 2011). Although most of those whom Social Security keeps out of poverty are elderly, nearly a third are under age 65, including 1.1 million children.… -
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 … -
Contrary to "Entitlement Society" Rhetoric, Over Nine-Tenths of Entitlement Benefits Go to Elderly, Disabled, or Working Households
February 10, 2012
Some conservative critics of federal social programs, including leading presidential candidates, are sounding an alarm that the United States is rapidly becoming an “entitlement society” in which social programs are undermining the work ethic and creating a large class of Americans who prefer to depend on government benefits rather … -
Program Cuts Under a Balanced Budget Amendment: How Severe Might They Be?
November 15, 2011
The constitutional balanced budget amendment that the House is expected to consider this week could force Congress to cut all programs by an average of 17.3 percent by 2018. If revenues are not raised (the House-passed budget resolution assumes no increase above current-policy levels) and all programs are cut by the same percentage, … -
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 … -
Statement: Robert Greenstein, President, on House Speaker Boehner’s New Budget Proposal
Updated July 27, 2011
House Speaker John Boehner’s new budget proposal would essentially require, as the price of raising the debt ceiling again early next year, a choice between deep cuts in the years immediately ahead in Social Security and Medicare benefits for current retirees, repeal of health reform’s coverage expansions, or wholesale … -
Testimony: Robert Greenstein, President, on “Deficit Reduction: A Review of Key Issues”
July 26, 2011
Mr. Chairman and members of the Committee, thank you for the invitation to testify here today. As you well know, the nation is on an unsustainable fiscal course, and substantial changes in policy will be needed to right the ship. As a number of bipartisan commission have recommended over the past year, policymakers should aim … -
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 … -
Media Briefing: Understanding the Annual Reports of the Social Security and Medicare Trustees
May 13, 2011
Robert Greenstein, the Center’s President, and Paul Van de Water, Senior Fellow at the Center and one of Washington’s leading experts on social insurance programs, discuss what the reports say about the long-term financial status of Social Security and Medicare.
Duration: 11:17
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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. … -
Proposed Cap on Federal Spending Would Force Deep Cuts in Medicare, Medicaid, and Social Security
Revised April 15, 2011
A prominent proposal by Senators Bob Corker (R-TN) and Claire McCaskill (D-MO) to limit total federal spending to no more than 20.6 percent of the Gross Domestic Product (GDP), which is attracting increasing attention, may sound benign, but it would inevitably force enormous cuts in Medicare, Medicaid, and possibly Social Security. The … -
Off the Charts Blog Post: Ryan’s Rx for Medicaid Means Millions More Uninsured or Underinsured Seniors, People with Disabilities, and Children
April 4, 2011
House Budget Committee Chairman Paul Ryan (R-WI) will unveil a budget tomorrow that would cut Medicaid by as much as $1 trillion over the next 10 years and convert it into a block grant. He and others will likely claim that these changes would merely rein in “out-of-control” Medicaid costs while letting states stretch their reduced federal … -
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 … -
Testimony: Paul Van de Water, Senior Fellow, Before the Committee on the Budget
March 17, 2011
Mr. Chairman, Mr. Van Hollen, and members of the committee, I appreciate the invitation to appear before you today to discuss health and retirement security. Our landmark public programs — Social Security, Medicare, and Medicaid — are bulwarks in defending the well-being of America’s seniors and people with disabilities.… -
House Bill Means Fewer Children in Head Start, Less Help for Students to Attend College, Less Job Training, and Less Funding for Clean Water
Updated March 1, 2011
Some 157,000 at-risk children up to age 5 could lose education, health, nutrition, and other services under Head Start, while funds for Pell Grants that help students go to college would fall by nearly 25 percent, under a bill passed by the House that would cut current-year non-security discretionary funding by an average of 14.3 percent.… -
Bowles-Simpson Social Security Proposal Not a Good Starting Point for Reforms
February 17, 2011
The Social Security proposal from the co-chairs of President Obama’s fiscal commission is not a suitable starting point, let alone a reasonable outcome, for Social Security reform because it relies far too much on deep benefit cuts to restore solvency to the program and makes a number of harmful changes. The Social Security proposal … -
Media Briefing: Examining Serious Flaws in the Bowles-Simpson Social Security Plan
February 17, 2011
Paul N. Van de Water and Robert Greenstein discuss the problematic changes proposed in the Bowles-Simpson Social Security Plan
Duration: 14:31
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House GOP Plan Cuts Non-Security Discretionary Programs 15 Percent Through End of Fiscal Year
February 4, 2011
House Republican leaders announced yesterday the next steps in their plan to impose deep cuts in non-security discretionary (annually appropriated) programs. Under the plan, non-security programs would shrink, on average, by 15.4 percent below current funding under the continuing resolution (which expires on March 4) and 19.4 percent below what President Obama proposed … -
Media Briefing: The Corker-McCaskill Proposal to Cap Total Federal Spending: Is It Sound Policy?
February 1, 2011
Executive Director, Robert Greenstein, and Senior Fellow, Paul Van de Water discuss the “Commitment to American Prosperity Act” that would set a binding spending cap of 20.6% of the Gross Domestic Product.
Duration: 16:59
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Corker-McCaskill Spending Cap Doesn’t Account for Basic Changes in Society and Government
February 1, 2011
The proposal from Senators Bob Corker (R-TN) and Claire McCaskill (D-MO) to limit total federal spending to 20.6 percent of gross domestic product (GDP), the average from 1970 to 2008, would force draconian cuts in Social Security, Medicare, and many other programs while making it harder for the nation to recover from recession. That’s because the proposal, which … -
Federal Debt on Unsustainable Path Under Current Policies
January 31, 2011
The latest projections from the Congressional Budget Office (CBO) confirm what we already knew: the federal budget is on an unsustainable path. [1] If we continue current policies — including a further extension of the Bush tax cuts, which policymakers recently extended through 2012 — deficits will remain … -
Policy Basics: Introduction to Supplemental Security Income
January 13, 2011
What Is the Supplemental Security Income Program? The federal Supplemental Security Income (SSI) program provides monthly cash assistance to people who are disabled, blind, or elderly and have little income and few assets. SSI is distinct from the Old-Age, Survivors, and Disability Insurance (OASDI) programs commonly known as Social Security, though … -
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 … -
Introduction to the Supplemental Security Income (SSI) Program
January 10, 2011
What Is Supplemental Security Income? The federal Supplemental Security Income (SSI) program provides monthly cash assistance to people who are disabled, blind, or elderly and have little income and few assets. In December 2009, 7.7 million people collected SSI benefits (see Figure 1). For three-fifths of recipients, SSI represents their only source of income. [1] … -
Despite Deep Recession and High Unemployment, Government Efforts — Including the Recovery Act — Prevented Poverty from Rising in 2009, New Census Data Show
January 5, 2011
Despite a deep recession, very high unemployment, and widespread hardship, a combination of existing safety net programs and temporary expansions in them enacted in 2009 all but prevented a rise in the poverty rate that year, according to a Center analysis of new poverty data the U.S. Census Bureau released this week that … -
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. … -
Changing Budget Process Won’t Reduce Deficit — Only Specific Policy Changes Can Do That
November 18, 2010
A commission funded by the Peter G. Peterson Foundation and the Pew Charitable Trusts has proposed far-reaching changes in the process by which the President and Congress develop and implement the federal budget.[1] The commission argues that the current federal budget process contributes to large deficits and that reducing the deficit … -
“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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Ryan Plan Makes Deep Cuts in Social Security
Revised October 21, 2010
A new analysis by Social Security’s chief actuary of several possible changes to the program allows one to calculate the size of the benefit reductions that Rep. Paul Ryan’s (R-WI) budget plan would generate. Those cuts are very deep. By 2080, the initial benefit of a medium earner (someone earning $43,000 in today’s terms) … -
Podcast: Why There Won’t Be a COLA in 2011
October 19, 2010
Paul Van de Water, Senior Fellow, discusses the news that seniors won’t receive a cost-of-living-adjustment to their Social Security benefits this year.
Duration: 3:12
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Conference: America's Fiscal Future
October 5, 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 … -
Podcast: Understanding the Social Security Trust Funds
October 5, 2010
Paul Van de Water, Senior Fellow, discusses some basic information about the Social Security trust funds.
Duration: 4:40
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Thousands of Poor Refugees Face Loss of SSI Benefits
September 15, 2010
On October 1, up to 5,600 poor refugees and other poor individuals admitted to the United States because they faced persecution in their home countries will lose badly needed benefits from the Supplemental Security Income (SSI) program, when a temporary provision of law expires. Over the next 13 months, up to 11,000 such individuals will have … -
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 … -
Podcast: Social Security Reduces Poverty
August 17, 2010
Senior Fellow Paul Van de Water discusses how Social Security helps to reduce poverty.
Duration: 2:26
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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 … -
Social Security Keeps 20 Million Americans Out of Poverty:
August 11, 2010
Social Security benefits play a vital role in reducing poverty. Without Social Security, according to the latest available Census data (for 2008), 19.8 million more Americans would be poor. Although most of those kept out of poverty by Social Security are elderly, nearly a third are under age 65, including 1.1 million children. (See Table 1.) … -
Statement by Robert Greenstein: Social Security Doesn’t Face an Immediate Crisis, But Policymakers Should Act to Shore Up System
August 5, 2010
The trustees’ report on Social Security shows that the program does not face an immediate crisis and that — even in the long run — will still have substantial resources to pay benefits. Nevertheless, Congress needs to restore Social Security’s long-term solvency so that it … -
Media Briefing: Understanding the Annual Reports of the Social Security and Medicare Trustees
August 5, 2010
Executive Director Robert Greenstein and Senior Fellow Paul Van de Water discuss the annual reports of the Social Security and Medicare trustees.
Duration: 15:46
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Federal Spending Target of 21 Percent of GDP Not Appropriate Benchmark for Deficit-Reduction Efforts
July 28, 2010
The average level of federal spending over the years since 1970 — about 21 percent of gross domestic product (GDP) — does not provide a reasonable benchmark for the level of spending that will be necessary or appropriate in the future. The Heritage Foundation has proposed that, in developing its recommendations, the … -
The Ryan Budget's Radical Priorities
Revised July 7, 2010
I. Summary The Roadmap for America’s Future, which Rep. Paul Ryan (R-WI) — the ranking Republican on the House Budget Committee — released in late January, calls for radical policy changes that would result in a massive transfer of resources from the broad majority of Americans to the nation’s … -
Podcast: Testimony of Robert Greenstein before the Commission on Fiscal Responsibility and Reform
June 30, 2010
Robert Greenstein, the Center’s Executive Director, discusses the need to be careful in addressing budget deficit in a testimony before the President’s Commission on Fiscal Responsibility and Reform on June 30th, 2010.
Duration: 6:46
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Testimony of Robert Greenstein, Executive Director and Jim Horney, Director of Federal Fiscal Policy before the Commission on Fiscal Responsibility and Reform
June 30, 2010
Members of the Commission, Thank you for giving us the opportunity to speak to you today. The Center on Budget and Policy Priorities is a nonpartisan research and policy institute that focuses both on fiscal policy and on programs and policies of particular importance to low- and moderate-income … -
Ryan’s Response to Center’s Analysis of “Roadmap” Is Off Base
Revised May 6, 2010
We are quite disappointed that, in responding to our analysis[1] of his budget plan, Rep. Paul Ryan accuses[2] the Center on Budget and Policy Priorities of “partisan demagoguery” as well as “factual errors and misleading statements.” Quite the contrary, we applied the same rigorous analytical process to Rep. Ryan’s Roadmap for America’s … -
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 … -
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
View more recent report with more up-to-date data: Policy Basics: Top Ten Facts about Social Security on the Program's 75th Anniversary August 13, 2010 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 … -
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 …
