Evaluating Social Security Reforms in the Age of Budget Deficits
Monday, February 03, 2014
by Liqun Liu, Andrew J. Rettenmaier and Thomas R. Saving
Congress is once again considering changes in Social Security in an attempt to "save" the program. Social Security benefit payments have exceeded tax revenues since 2010; the funding deficit is growing and, barring reform, will continue to grow indefinitely. Higher tax revenues are necessary to fund benefits as they are currently calculated.