We’re In Crisis

      Read this thread on the National Academy of Social Insurance panel on the emergency at Social Security. Just read it.

Americans Support Maintaining Social Security Even If It Means Increased Taxes And Oppose Cutting Benefits

     From a report on opinion polling performed by Greenwald Research for the National Academy of Social Insurance (NASI):

... This survey’s primary finding is that Americans overwhelmingly want to see Social Security’s financing gap closed by bringing in more revenues—and are willing to contribute more to strengthen the program’s finances. When asked which statement comes closest to their view, 85 percent of respondents selected either that we should ensure benefits are not reduced, or that we should increase benefits, even if it means raising taxes on some or all Americans. Only 15 percent of respondents selected the response that we shouldn’t raise taxes on any American even if it means benefits are reduced. This broad preference for raising revenues versus reducing benefits cuts across political, income, education, and generational lines; among Republicans, more than 3 in 4 prefer increasing revenues to benefit reductions, with more than 9 in 10 Democrats and more than 8 in 10 Independents sharing this preference.

Of all the policies tested, respondents most strongly preferred lifting the payroll tax cap. Respondents also strongly supported increasing the payroll tax rate from 6.2 percent to 7.2 percent for both employers and employees, to ensure solvency and maintain current benefits. Changes that would result in lower benefits, such as raising the retirement age or adopting cost-of-living adjustments, had little support. ...

Senate Budget Committee Hearing

     The Senate Budget Committee held a hearing yesterday on Social Security Forever: Delivering Benefits and Protecting Retirement Security. Here are the written statements before the Committee. 

• Martin O'Malley, Commissioner, Social Security Administration
• Rebecca Vallas, Chief Executive Officer, National Academy of Social Insurance
• Roger Boudreau, President, Rhode Island AFT/Retirees Local #8037R 
• Molly Dahl,  Long-Term Analysis Unit Chief, Congressional Budget Office 
• Shai Akabas, Executive Director, Economic Policy Program, Bipartisan Policy Center

This is from a news article on the hearing:

… The ultra-wealthy are avoiding nearly $2 trillion in taxes every 10 years," Sen. Ron Wyden (D-Ore.) said during a Senate Budget Committee hearing. "That is enough to keep Social Security whole till the end of this century."

"That's where we ought to go to start making progress," Wyden added. …

Report On Social Insurance For The New Administration

     The National Academy of Social Insurance has issued a Report to the New Leadership and the American People on Social Insurance and Inequality. It might be helpful if some of those in the new administration would read this but I'm not expecting that.

Options For Future Changes To Social Security

     From a survey conducted by Greenwald and Associates for the National Academy of Social Insurance (NASI) in June 2014:

Americans Overwhelmingly Reject Social Security Benefit Cuts

     From a survey conducted by Greenwald and Associates for the National Academy of Social Insurance (NASI) in June 2014:

Americans Willing To Pay For Social Security

     From a survey conducted by Greenwald and Associates for the National Academy of Social Insurance (NASI) in June 2014:

Americans Overwhelmingly Support Raising FICA Cap To Finance Social Security

     From a survey conducted by Greenwald and Associates for the National Academy of Social Insurance (NASI) in June 2014:

Americans Overwhelmingly Oppose Reducing Social Security Benefits Even If It Means More Taxes

          From a survey conducted by Greenwald and Associates for the National Academy of Social Insurance (NASI) in June 2014:

Information Matters

     From a survey conducted by Greenwald and Associates for the National Academy of Social Insurance (NASI) in June 2014:

Americans Favor Many Options For Increasing Social Security Benefits

     From a survey conducted by Greenwald and Associates for the National Academy of Social Insurance (NASI) in June 2014:

Many People Don't Know About Social Security Disability Benefits; Varied Opinions On Benefit Rates

          From a survey conducted by Greenwald and Associates for the National Academy of Social Insurance (NASI) in June 2014:

Huge Majorities Willing To Raise Taxes To Support Social Security

     From a survey conducted by Greenwald and Associates for the National Academy of Social Insurance (NASI) in June 2014:

Now That's What I'm Talking About!

Reallocation Is The Way To Go

     The National Academy of Social Insurance (NASI) has issued a news brief discussing the issues concerning the looming shortfall in the Disability Insurance Trust Fund in 2016. The obvious solution is a temporary reallocation of more of the FICA tax to the Disability Insurance Trust Fund. Reallocations have been made -- in both directions -- eleven times in the past. What is unclear is whether Republicans will try to hold Social Security disability hostage this time. If they do hold it hostage, what ransom will they demand?

NASI Wants To Phase Out Reduction In FICA Tax Over 11 Years

     The F.I.C.A. tax that supports the Social Security Trust Funds has been temporarily reduced by 2% because of the recession. The difference is being made up out of general revenues. The 2% reduction is set to end at the end of this calendar year. The National Academy of Social Insurance (NASI) is promoting a plan to phase out the 2% reduction over 11 years.
     Eleven years!!?? I hope the recession that brought about this reduction is over long before then.

Panel Discussion On Why So Many People Are Filing Claims For Social Security Disability

     The National Academy of Social Insurance is holding a panel discussion today at 10:00 EST on the subject "Why Are More People Claiming Disability Insurance and What Should Be Done About It?" They ran out of space in the room they originally planned to hold it in and moved it to a larger room. They've run out of space in the larger room. The event will be broadcast live on C-SPAN2. Here is the lineup for the event:

Presenters:

• Stephen C. Goss, Chief Actuary, Social Security Administration
• Lisa Ekman, Senior Policy Advisor, Health and Disability Advocates
• David Stapleton, Director, Center for Studying Disability Policy, Mathematica Policy Research

Discussants:  

• Marty Ford, Director, Public Policy Office, The Arc of the United States
• Tony Young, Senior Public Policy Strategist, NISH

Moderator:    

• Mark Miller, Reuters

     No offense but who is Lisa Ekman? Why are two people who make their living off the myth that large numbers of Social Security disability recipients can be returned to work -- Stapelton and Young -- on this panel? Ticket to Work doesn't work. Stapelton and Young will undoubtedly say that if more money is devoted to their employers that tons of people will fly off the Social Security disability rolls. Nonsense. It hasn't happened and it won't happen. If you require people to be half dead or nearly fully crazy before you put them on benefits, you shouldn't expect them to ever return to work. It's that simple. Most people attending or watching this event have little feel for who is actually drawing Social Security disability benefits in this country and are easily misled.

Fact Sheet On Possible COLA Changes

The National Academy of Social Insurance (NASI) has prepared a useful fact sheet on possible changes to Social Security's cost of living adjustment (COLA). This is a boring topic to be sure but a change in Social Security's COLA may be the most likely "reform" of Social Security because it would be a sneaky, confusing way to cut future Social Security benefits.

Bad Time For a 25th Anniversary?

The National Academy of Social Insurance (NASI) is planning a big celebration on June 8 for its 25th anniversary. There will be a dinner honoring Marty Ford, Director of Legal Advocacy at the Arc of the United States, Virginia P. Reno, Vice President for Income Security at the National Academy of Social Insurance, Wayne Vroman, Economist at The Urban Institute and James N. Ellenberger, President of the AFL-CIO Retirees Association.

NASI deserves to celebrate its anniversary and these fine folks certainly deserve to be honored but it is hard for someone who believes in the concept of Social Insurance to be in a celebratory mood at this point in our nation's history. The Social Security Administration's operating budget has been cut to the point that it is on a glide path to collapse. The whole concept of Social Insurance is under assault as never before. We are looking at serious Republican proposals to end Medicare, Medicaid and Supplemental Security Income. There are other proposals to dramatically cut Social Security and Unemployment Insurance benefits, almost certainly as a way station to ending them altogether. Many Republicans are pledging to do anything short of violence to achieve their ambitious agenda, including destroying the nation's credit.

The one thing that gives me hope is the conviction that Republican have greatly overreached and are bound for electoral disaster.

Does This Mean Anything?

This is from the National Academy of Social Insurance (NASI). I would not jump to the conclusion that there is a connection between these two lines. In fact, I think there probably is no connection but it is an interesting chart.