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Social Security

Thursday, September 19, 2019

Recession Readiness: The Role of Social Insurance

William Arnone, Chief Executive Officer

Recession Watch

A defining trait of severe recessions is the staggering levels of long-term unemployment that follow. During the last recession, between 2008 and 2009, 8.4 million jobs, or 6.1% of all payroll employment at the time, were lost. Prior to the last recession, the largest share of the unemployed experiencing long-term unemployment was 26.0% in the early 1980s. The same long-term unemployment rate exceeded 40% into the early 2010s, amounting to over 4%of the entire labor force, and is only now falling to pre-recessionary levels.

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Tuesday, July 16, 2019

Addressing Social Security's Long-Range Financial Stability

Bill Arnone, CEO, National Academy of Social Insurance

Significant proposals to enhance Social Security’s long-range financial stability are emerging from a variety of sources. Although there was only one mention of Social Security during the first round of Democratic Presidential debates in June, it is likely to get much more attention from candidates in the coming months.

Recently, I attended the annual Peter G. Peterson Foundation’s Fiscal Summit in DC. (The Peterson Foundation has been a long-time supporter of the Academy’s work.)

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Thursday, May 16, 2019

Socialism or Social Insurance?

Bill Arnone, CEO, National Academy of Social Insurance

The political air is charged these days with claims that various policy ideas, like Medicare-For-All and the Green New Deal, are “socialistic.” Such charges have been made in American history since the late 19th century, often in response to bold new policy concepts put forward to address gaps in income and health care security. This leads us to revisit a fundamental question – what differentiates Socialism from Social Insurance?

Social Insurance as Collective Action

In the words of Robert M. Ball, Founding Chair of our Academy: “Social insurance derives its unique strength from the principle that the best form of self-protection is mutual aid on a universal scale; when everyone contributes, everyone can be protected.” Academy Member and historian Edward D. Berkowitz also quotes Bob Ball:

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Wednesday, April 17, 2019

Taxes, Contributions, and Social Insurance

Bill Arnone, CEO, National Academy of Social Insurance

 

With most Americans focused on taxes this month, it’s a good time to take a look at the relationship between federal income taxes and social insurance contributions.

Overview of Federal Taxes and Distributional Effects

The latest report by the Joint Committee on Taxation, Overview of the Federal Tax System As In Effect for 2019, provides a comprehensive starting point. This report breaks out the current federal tax system into four elements:

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Saturday, February 16, 2019

Regenerating Social Insurance for Millennials and the Millennium: Lessons Learned

Bill Arnone, CEO, National Academy of Social Insurance

The Academy’s 31st annual policy conference – Regenerating Social Insurance for Millennials and the Millennium – was by all measures a success. It represented a different approach to one of the Academy’s signature events in both style and substance.

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