Report Of The 1994 1996 Advisory Council On Social Security

The Council looked particularly at the long-term financing of Social Security. While the Council has not found any short-term financing problems with the Old-Age, Survivors, and Disability program, there are serious problems in the long run. Because of the time required for workers to prepare for their retirement, and the greater fairness of gradual changes, even long-run problems require attention in the near term. Four areas of concern were identified: long-term balance, long-term balance beyond the 75-year horizon, contribution/benefit ratios, and public confidence.

Reviews trends in retirement income & savings, offers evaluation criteria with which various reform proposals can be assessed, & outlines a range of possible benefit & tax change options to bring our nation's social security system back into balance. Includes labor market, pension, & saving trends, & implications for retiree well-being; policy options for dealing with projected Social Security imbalances; other policy options regarding future retirees' incomes; & overview & conclusions.

One of today's most important national concerns is the projected bankruptcy of Social Security some time in the next few decades and its consequent inability to pay full benefits on time. Yet despite two decades of warnings about this, nothing is being done. The saying that Social Security is the third rail of American politics - touch it and you die - still holds true. In Social Security: False Consciousness and Crisis, John Attarian argues that the major cause of the current impasse is the misleading manner in which the program has been depicted to the public and the beliefs about Social Security which prevail as a result.

The US public has been led to believe that Social Security is going bankrupt and that our children will be burdened with supporting the elderly unless it is reformed. Benavie will refute these arguments. While it is true that our public pension system can be improved, this book will separate the widely accepted economic facts of the issue from personal value judgements. This book is an invaluable guide to understanding and making informed decisions about one of our most important social welfare systems.