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The Future of Social Security (Paperback)
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The Future of Social Security (Paperback)
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From a modest beginning in 1935 to an income replacement scheme for
workers in commerce and industry, the social security system has
grown to cover 90 percent of working Americans. It now pays $78
billion a year in benefits and is obligated to pay $4 trillion in
future retirement benefits to workers now covered. With a projected
tax rate of 30 percent of gross wages by the year 2050 to meet its
obligations under current law, the system, in the author's words,
is at ""the most crucial juncture of its forty-year life.""This
comprehensive review and analysis, the thirteenth in the Brookings
series of Studies in Social Economics, discusses social security in
relation to other sources of retirement income and clarifies its
financing problem, benefit structure, and ambivalent goals. It
deals with two main financing questions. First, will the payroll
tax yield the revenue needed to pay benefits as the retired
population rises as a fraction of the working population? Second,
is the regressive social security tax really the best source of
revenue for a system with welfare components such as the minimum
benefit and dependents' benefits? Though such benefits are viewed
as progressive, they are not paid according to need. They meet
neither the income redistribution requirements nor the individual
equity goals of the social security program. The author provides a
comprehensive account of the benefit structure and clarifies its
relation not only to the basic goals of social security but also to
the country's three-tiered system of income security. She offers
recommendations for eliminating ""an irrational and correctable
feature of the benefit formula,"" for lowering the dependency
ratio, and, most important, for a definition of goals.
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