By Jed Graham
This interesting publication introduces the 1st Social defense reform notion adapted to fulfill the nation's financial demanding situations and deal with an getting older population.
• greater than 50 charts and tables element the talk over Social protection reform, together with the money advantages 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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Additional resources for A Well-Tailored Safety Net: The Only Fair and Sensible Way to Save Social Security
5 percent of income. For most workers, Treasury-only accounts would largely negate the impact of a progressive saving offset, which will be phased in over 40 years. Above-average earners would have to save more on their own to fully overcome benefit cuts, but the provision expires at life expectancy, meaning that the safety net will be secure in very old age. Tax over the cap: Payroll above $106,800 will be taxed at a rate that reaches 2 percent. Taxing employer-provided health coverage: The growth of payroll-tax-exempt spending on employer-provided health benefits will be limited to the rate of GDP growth.
Individuals could be afforded pre-retirement access to these separate accounts. 4 percent Social Security tax, as well as new mandated contributions. Add-on accounts: As explained above, all workers would be required to save an additional share of wages in a personal account. 5 percent of income. Account balances related to these add-on deposits would be drawn down in equal (inflation-adjusted) amounts through life expectancy, when the progressive saving offset expires. 5 percent of wages, providing an inheritable claim on trust fund bonds to families who would not already receive generous survivor benefits.
6 Of course, Republicans had little success reining in government spending when they controlled the White House and both houses of Congress, so there’s little reason to think they’ll be able to shrink the size of government with Democrats calling the shots and looking to invest more resources in education, health care and other areas. And now, in the current era of trillion-dollar deficits, it’s much harder to make an argument that all budget savings should be offset with new government borrowing to establish personal investment accounts within Social Security.