Saving Social Security
Social Security currently consumes over 20 percent of the federal budget, and that spending will only continue to skyrocket. With a wave of retiring Baby Boomers, people living longer, and a workforce that is growing slower than it used to, it's clear that Social Security’s current system is unsustainable. Any talk of trimming the federal budget must include a plan to reform this broken program.
Some policymakers have talked of increasing payroll taxes or cutting benefits for future retirees to put off the program’s inevitable bankruptcy. Thankfully, there is a better way. Social Security personal savings accounts put the program back on a sustainable fiscal path and offer a better deal for workers than the current system.
The paper below provides an overview of the advantages of personal savings accounts. We hope it can start a more rigorous and fact-based conversation about the future of Social Security in our country.
Some policymakers have talked of increasing payroll taxes or cutting benefits for future retirees to put off the program’s inevitable bankruptcy. Thankfully, there is a better way. Social Security personal savings accounts put the program back on a sustainable fiscal path and offer a better deal for workers than the current system.
The paper below provides an overview of the advantages of personal savings accounts. We hope it can start a more rigorous and fact-based conversation about the future of Social Security in our country.
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