Proposals to Strengthen Social Security
Posted by Robert Louis on 26 Nov 2007 | Tagged as: Retirement Planning
An organization called the Economic Policy Institute, which is tied to the American labor movement, has sponsored several papers dealing with improvement to the strength of the Social Security system. Building on Social Security’s Success, by Virginia P. Reno, Guaranteed Retirement Accounts, by Teresa Ghilarducci, and Protecting Social Security’s Beneficiaries, by Nancy J. Altman, deal with various techniques to ensure that Social Security will be available for us and our children. Whether the particular proposals made are the correct answer to ensuring the future of Social Security, the three papers make two important points: first, that Social Security has been for many years an essential safety net for older Americans, permitting them to live dignified lives in retirement; and, second, that very minor changes in funding methods can have a significant effect on the future solvency of Social Security. This issue has been dealt with in the past, and can be faced in the future without undue hardship. It’s clear that Social Security is not irretrievably broken and in need of replacement. What is needed is an intelligent conversation about changes that can be made to ensure the system’s long term health. The papers can be accessed at www.epi.org.