As an antidote to months of Obama Administration rhetoric that Social Security “isn’t the problem,”[1] three Senators have produced legislation that both recognizes the program’s financial realities and would fix it for the next 75 years. The Social Security Solvency and Sustainability Act, S. 804, introduced by Senators…
Runaway spending and deficits continue to grow unabated in part because any attempts to rein them in are relentlessly demagogued by defenders of big government. The latest example is the budget recently authored by House Budget Committee chairman Paul Ryan (R–WI) and passed by the House of Representatives. …
Saving the American Dream is The Heritage Foundation’s plan to fix the debt, cut spending and, above all, restore prosperity. It balances the nation’s budget within a decade—and keeps it balanced. It reduces the debt and cuts government…
Abstract: Americans are living longer, which means they are spending a higher proportion of their lives in retirement, receiving Social Security payments. Yet the government program is a mere five years away from being unable to pay out all of the claims it has promised. Because today’s retirees enjoy…
The Social Security debate is back. A number of unions and other organizations have banded together under the banner “Strengthen Social Security” to oppose any change to Social Security benefits, including raising the retirement age or including any form of means testing. They fear that the National Commission on Fiscal…
Abstract: The 2010 annual report by the Social Security trustees has been released. It comes as no surprise that the Trustees Report predicts massive—and permanent— yearly deficits if the Social Security system is not reformed. Though the report shows that Social Security payments are…
Social Security will celebrate its 75th birthday this Saturday, but the retirement program's fiscal health is fading. Last week the trustees' report revealed it's running deficits much sooner than expected. There is no danger that Social Security will cut benefits for current retirees, but the report makes…
There are risks and costs to action. But they are far less than the long-range risks of comfortable inaction. John F. Kennedy We are increasingly concerned about inaction on the financial challenges facing the Social Security and Medicare programs. The longer…
The fact that Social Security, Medicare, and Medicaid are on an unsustainable course is one of Washington's best un-kept secrets, and it was reconfirmed by the latest annual reports from the Social Security and Medicare Trustees. Both programs have promised benefits to future retirees without the financial means to pay for them. The level of…
"There are risks and costs to action. But they are far less than the long-range risks of comfortable inaction." --John F. Kennedy "We are increasingly concerned about inaction on the financial challenges facing the Social Security and Medicare programs. The longer we wait to address these challenges, the more limited will be the options available, the…
Under the guise of increasing benefits for the widows of railroad workers, Congress is considering the Railroad Retirement and Survivors' Improvement Act (H.R. 4844). Supporters claim that this bill will increase benefits while reducing the amount that industry has to contribute to retirement funds. It sounds too good to be true, and it is.…
As part of his recently unveiled Social Security bailout, President Bill Clinton has proposed that the federal government receive unprecedented power to invest more than $650 billion in the stock market over the next 15 years. The good news is that the White House recognizes private investment as a necessary component of long-term entitlement…
Thanks largely to the upcoming retirement of the baby boom generation, Social Security benefit payments soon will exceed payroll tax revenues. Beginning in about a dozen years, thesae annual cash-flow deficits will begin to climb rapidly, soaring to $100 billion in 2015 and $500 billion in 2025. Defenders of the…
Regardless of whose numbers you use, Social Security needs to be fixed. This makes Sen. John McCain's (R-AZ) promise to deal with the program's coming deficits early in his administration, as well as Sen. Barack Obama's (D-IL) understanding of the program's fiscal situation, welcome news. While updated Congressional Budget Office (CBO)[1]…
President Obama and Republicans in Congress continue to wage war over an extension of the payroll tax cut. But missing...…
In its latest video railing against reform of Medicare and Social Security, AARP pushes for a pinch hitter to solve...…
Social Security took center stage at last night’s Republican presidential debate, emerging as a key issue among...…
Sen. Kay Bailey Hutchison (R-TX), in an exclusive interview with Heritage, criticized her liberal colleagues for...…
Fellow Americans: Today, I am excited to announce the release of The Heritage Foundation's comprehensive agenda that...…
Medicare and Social Security are important retirement security programs for millions of Americans. But they are ticking...…
Both liberals and conservatives agree that Social Security’s coming fiscal problems need to be addressed soon or they...…
Serious doubts surround President Obama’s National Commission on Fiscal Responsibility and Reform, which has been...…
Today, the Congressional Budget Office (CBO) released its Social Security Policy Options report, which highlights some...…
In a very rare visit to the press cabin of Air Force One yesterday, President Barack Obama told reporters that the...…
Distinguished Fellow and Director, Center for Policy Innovation