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Why this book is important
Will Americans in the future be able to count on Social Security? Unless the American people and our lawmakers are willing to implement equitable reforms soon, Social Security could become insolvent by 2033.
Americans have known for decades that Social Security needs economic adjustments. Unfortunately, making necessary corrections to this successful program has been called the “third rail” of American politics. Fear of political backlash makes elected leaders afraid to do what is necessary to uphold it. Yet without reforms, millions of soon-to-be-retired Americans—and future generations—could be negatively impacted.
Political inertia sometimes occurs because lawmakers and voters are focused solely on traditionally divisive solutions: cut benefits, raise the retirement age, increase taxes. Social Security for Future Generations presents new, previously overlooked, economically sound, and politically feasible solutions for reforming this vital program—in ways that are equitable for everyone.
Written by John A. Turner, a leading economist and scholar on Social Security and pensions, and senior research associate Serena E. McCarthy, this book is a practical guide designed to help lawmakers, academics, economists, and all concerned Americans initiate commonsense reforms to Social Security so that it lasts for generations to come.
Table of Contents
1) Social Security Is in Dire Need of Reform; 2) Fairness; 3) What Reforms Do Americans Want? 4) Improving the Reform Process; 5) Social Security Contributions and the Tax Code; 6) Ideas from Financial Literacy Research; 7) Simplifying Social Security; 8) Improving Information and Assistance; 9) Social Justice and Equity Proposals; 10) Supporting Low-Wage Workers; 11) Proposals Relating to Changes in Actuarial Factors; 12) Proposals Inspired by the US Pension System; 13) Lessons from Other Countries; 14) Reforming Government Programs That Affect Social Security; 15) New Revenue Sources for the Short-Run Shortfall; Epilogue
Appendices | Acknowledgements | About the Authors | Works Cited | Index
About the Authors
John A. Turner (PhD in economics from the University of Chicago) is director of the Pension Policy Center in Washington, DC. He previously worked in pension research offices at the Social Security Administration, the US Department of Labor, AARP, and the International Labour Organization (ILO) in Geneva, Switzerland.
Serena E. McCarthy is a senior research associate with the Pension Policy Center in Washington, DC. Previously, she was a STEM outreach coordinator and a graduate teaching assistant at American University, where she specialized in science writing consultation and academic research.