robert m. ball - a social security fix for 2008 - washingtonpost.com
robert m. ball - a social security fix for 2008 - washingtonpost.com
hello
change preferences
|
sign out
sign in
|
register now
print edition | subscribe
news politics business education photos & video nation technology kidspost discussions world entertainment religion corrections metro health post magazine archives politics politics blogs house/senate votes white house congress 2008 campaign in depth polls in the loop dc | md | va opinions columns & blogs feedback on faith toles cartoons outlook postglobal editorials think tank town discussion groups local metro news weather local explorer jobs local life traffic community guides cars dc | md | va crime the extras real estate columns/blogs obituaries local business yellow pages sports redskins d.c. united columns/blogs nfl nationals capitals college football nhl wizards high schools local colleges nba arts & living style movies travel fashion & beauty horoscopes smart living television books home & garden comics entertainment news food & dining museums theater & dance crosswords city guide find restaurants find local events find movies visitors guide find bars & clubs going out gurus cars buy a car sell a car experts & advice dealer specials coupons real estate buy a home sell a home property values rentals find a rental rent your place shopping shop new deals & discounts shopper blog shop used sell your stuff pets search: washingtonpost.com web | search archives
washingtonpost.com > columns
taking exception
a social security fix for 2008
by robert m. ball
monday, october 29, 2007;
page a15
in the oct. 19 editorial " mr. giuliani's no-tax pledge," the post stated: "it's no more responsible for republicans to rule out tax increases [to strengthen social security] than it is for democrats to insist on no benefit cuts." the post praised, as a "bipartisan blend," president ronald reagan's acceptance of a 1983 fix that included both.
i take exception. it's the essence of responsibility, in my view, to insist on no benefit cuts.
toolbox
resize text
save/share +
diggnewsvinedel.icio.usstumble it!redditfacebook
print this
e-mail this
comment
discussion policy
discussion policy
close
comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. please review the full rules governing commentaries and discussions. you are fully responsible for the content that you post.
who's blogging?
» links to this article
in 1983, i served on the national commission on social security reform (better known as the greenspan commission) and represented house speaker tip o'neill in negotiations with the white house. what was right in 1983 -- a balanced package of benefit cuts and tax increases as part, roughly half, of the final agreement -- would be wrong today.
social security benefits are modest by any measure and are already being cut -- by raising the age of eligibility for full benefits and by deducting ever-rising medicare premiums from benefit checks. so the benefits provided for under present law will replace, on average, a lower percentage of prior earnings than in the past. to cut them further would undermine all that social security has achieved -- exposing millions of vulnerable people, both elderly and disabled, to needless economic hardship.
social security has never been more important to more americans than it is now. private pension plans continue to dwindle -- currently covering only about 20 percent of private-sector employees -- and the national rate of savings hovers around zero. we just can't afford to cut social security benefits further. there's no way to make up for the loss.
social security benefits are vital to nearly all recipients. about a third of the elderly rely on social security for 90 percent or more of their income; two-thirds count on it to supply at least half of their income. the program lifts 13 million elderly beneficiaries above poverty.
without social security, 55 percent of the disabled -- and a million children -- would live in poverty. the program is particularly important to women and minorities. it provides 90 percent or more of the incomes of almost half of all unmarried women age 65 and older (including those who are widowed, are divorced or never married), and it is the sole source of income for 40 percent of elderly african americans and hispanic americans.
social security is the nation's most effective anti-poverty program. but it's much more than that. for every worker it provides a solid base on which to try to build an adequate level of retirement income. to weaken that foundation would be grossly irresponsible.
the good news is that there's no need to weaken it. we can shore up social security for the future without cutting benefits -- or raising contribution rates. the program can be brought into close actuarial balance over the long run with just three revenue-enhancing changes that are desirable in any case:
¿ gradually increase the maximum amount of earnings covered by social security so that the traditional goal -- covering 90 percent of all earnings -- is once again achieved. this change would affect only the 6 percent of earners who make more than the maximum covered amount (now just under $100,000), and implementing the change gradually over the next 20 to 30 years would have only a minimal impact on them.
¿ allow social security to improve earnings by investing some of its assets -- up to 20 percent, say -- in equities, as just about all other public and private pension plans do.
¿ provide a new source of income by retaining a residual estate tax and dedicating it to social security. by 2010, the estate tax will affect only individuals with estates worth more than $3.5 million ($7 million for couples). dedicating the income from the tax to social security would considerably improve the progressivity of social security financing as well as increasing revenue.
presidential candidates should be expected to discuss social security financing. but in 2008 they shouldn't be held to a 1983 formula. we're in a different time, with different needs -- and there are much better options available than benefit cuts.
robert m. ball was commissioner of social security in the kennedy, johnson and nixon administrations.
related
georgia's leap backwardthe french revolution had its jacobins; the russian revolution erupted in red terror. the peaceful revolutions of more recent years weren't supposed to produce violent counterrevolutions. but now one of them has.
the can't-win democratic congress
the answer in pakistan
related articlesstate street sued over bond fund lossesinvestors' buyout of puget faces hurdlesouth korea pension service eyes energyuse it and abuse itpbgc sets annual benefit for next yearpowered by inform
» related topics & web content
from our partners
never mind pakistan—what happened to democracy in georgia?the hemisphere's biggest dweebs, captured on filmhave we quietly abolished the death penalty?meet the world's new tomato superpowerhelp! my cousin the mechanic stole my best friend.
» top 35 most viewed
© 2007 the washington post company
featured advertiser linksbe prepared. fight identity theft! equifax.com.questions about the medtronic recall?, mesotheliomat-shirts, football t-shirts, koozies, custom t-shirtscool gifts, hot deals. visit circuitcity.com today t-mobile, verizon wireless, cingular⁄at&t phonesearn 4.20% apy at ing direct. no fees and no minimums.vanguard's best and worst funds to own nowwatch satellite tv on your pc... for free!
news | politics | opinions | local | sports | arts & living | city guide jobs | cars | real estate | rentals | shopping search: washingtonpost.com web search archives washingtonpost.com: about us | work for us | advertisers | site map | search terms | topics index | | mywashingtonpost.com | mobile | rss | widgets the washington post: subscribe | subscriber services | advertisers | electronic edition | online photo store | the washington post store | about the post | national weekly the washington post company: information and other post co. websites © copyright 1996-2007 the washington post company | user agreement and privacy policy | rights and permissions help | contact us
Acceuil
suivante
robert m. ball - a social security fix for 2008 - washingtonpost.com iFixit: iPod, iBook, & PowerBook Parts and Accessories NASA delays spacewalk to fix solar wing International Reuters We fix IT puericulture - sorties - siège auto noir bebe confort créatis fix ... Fix My Pages - FixMyPages.com - Web Page Repair Attelage fix Namespaces part 4.1 (What namespaces don't fix (part 1)) - David ... Q-fix - home computer support LUX ELEMENTS®- FIX - Tableau de chevilles Mods Warlords v2.08 Hotseat Fix Civilization 4 : Warlords Mod XX Century 2.11 Mi24 fix Civilization 4 Swarovski Hot Fix and Flat Back Crystal Rhinestones ... The Hindu : International : Astronauts fix solar panel Paroles Can You Fix This - Kate Ryan - Musique Ados.fr Mac Rumors: Apple Acknowledges iMac Freezing Issue, Fix In Works Huber Technology: Fix-Rail® Erweiterungselement Decapitation Victim Tries To Fix Eyes - Health News Story - KGTV ... SPACE.com -- NASA Eyes Space Shuttle Fuel Tank Fix Flame Fix - Gas & Oil boiler service & repair & solar heating ... Acheter et Telecharger Fix-It Utilities sur Softela.fr, N°1 ... Télécharger Patch "Computer Player fix" pour Age of empires 2 ... [Suggestion] - Section sécurité et fix - Forums Joomlafacile Sugar Fix - Sweets and Candy - UK Sweets, US Candy, Lollies, Jelly ... Zirh FIX – Gel atténuant pour imperfections du visage – Comptoir ... Télécharger Avi Fix Repair Joiner. Fixez les dossiers d'avi de ... BUG FIX TRANSPARENCE PNG IE (SIMPLE) png, simple, pngfix, iexplore ... Adobe - Photoshop : For Macintosh : Mac OS X Keyboard Shortcut Fix SKI+FIX+CHAUSSURES A 20 euros LE TOUT. - achat billets, loisirs ... Redirect page FIX-SAINT-GENEYS, une reproduction de AirNav: Fix Information Pritt World: Multi-Fix Paul Fix - Photos Les Forums de l'OGSTeam / [FIX]Problème PHP 5 et Ogspy // session Baby on the move : Coussin de relaxation et d'allaitement Form Fix Fixatif flexible en spray "Fructis-Style Pure Fix Spray" FIX in Las Vegas, NV - AOL City Guide Reifen Sommerreifen Winterreifen Ganzjahresreifen - Reifen-fix.de Microsoft changes mind, agrees to fix IE's URI handler Zieh-Fix® Premium Atreid : Produits > Logiciels > Modules externes vidéo - Film Fix ... Fix Showproductions BV Yes, the universe looks like a fix. But that doesn't mean that a ... IBM - 6.0.2.23: WebSphere Application Server V6.0.2 Fix Pack 23 ... Sommier LATTOFLEX LT15 Fix 2 pers. 140x200 Ferme / La Compagnie du ... A Program That Can Fix Dead Pixels On Your LCD Screen. Traduction Coldplay Fix You lyrics - musique traduite FIFA KULTE, FCDB XP 2003 Fix 1.01 Foreign Policy In Focus Global Warming: The Quick Fix Is In EASY FIX - Espace bébé & puériculture Russia's food prices The big fix Economist.com Fix the Home - Home Improvement & Home Maintenance Articles eBay.ca : WINDOWS REPAIR FIX HARD DRIVE RECOVER LOST PASSWORD ... eBay.ca : Photo Picture Image Retouch-Correction-Fix Service FAST ... Teardrop Parts Blackstreet : Fix (PAROLES) Fixing glowing pet eyes with HP digital cameras - HP Digital ... Test It, Fix It Rolf Kauka's Fix & Foxi - RKFFc FIX IT - Click to activate and use this control - Flash Java ...