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Abstract

Another Attempt at Social Security Reform
by Edward M. Gramlich

Popular discussions of Social Security often focus on competing plans--this person’s approach to Social Security would change x, y, and z; that person’s approach would change x or y but not z, and so on.  This policy brief focuses on a broader strategy.  One can imagine several ways to fill this funding gap: raise payroll taxes (or other taxes); cut benefit levels; have people work longer careers before receiving benefits; have people save more to supplement Social Security; permit people to invest their funds differently and perhaps get a higher rate of return. This brief discusses the pros and cons of each approach, and sensible ways of implementing each and argues for a composite strategy that uses elements of all of the approaches.

Download: Policy Briefs (PDF)