Share/Bookmark Syndicate content

Social Security

Friday, November 21, 2014

25 Million Reasons to Give Thanks for Social Insurance

Elisa Walker, National Academy of Social Insurance

Did you know that this Thanksgiving, there are more than 25 million reasons to give thanks for social insurance? According to Census Bureau data released this fall, more than 45 million people in the U.S., or 14.5% of the nation, lived in poverty in 2013.[1] The good news? Three vitally important social insurance programs – Social Security, unemployment insurance (UI), and workers’ compensation – and a related program, Supplemental Security Income (SSI), kept the poverty rate from being much higher. Together, these four programs kept more than 25 million people out of poverty.

Read More…
Tuesday, November 4, 2014

Yes, Americans Do Favor a Revenue-Only Approach to Social Security Reform

William (Bill) J. Arnone, NASI Board Chair

In a blog post on the National Academy of Social Insurance’s new public opinion study, the Committee for a Responsible Federal Budget (CFRB) asks, “Do Americans really favor a revenue-only approach to Social Security reform?”

Read More…
Posted on November 4, 2014  |  1 comment  |  Add your comment
Tuesday, September 30, 2014

The Big Tax Increase Nobody Noticed

Dean Baker and Nicole Woo, Center for Economic and Policy Research (CEPR)

The 2011-12 Social Security payroll tax holiday ended in January 2013, which meant that the vast majority of working Americans faced a two percent cut in their take-home pay. 

Compared to past payroll tax increases, this was an extraordinarily large and sudden one. For example, from 1980 to 1990 the rate was increased gradually by a total of 2.24 percentage points; in no year did the rate rise by more than 0.72 percentage points, or just over one-third of the 2013 increase. (This combines the employer and employee side tax increases. In 2013, the whole tax increase was on the employee side.)

Read More…
Posted on September 30, 2014  |  6 comments  |  Add your comment
Tuesday, May 20, 2014

A Response to Larry Kotlikoff

Larry Thompson, Founding Board Member, National Academy of Social Insurance

Larry Kotlikoff advocates replacing the current defined-benefit [Fixing Social Security, May 20, 2014], mostly-pay-as-you-go Social Security system with a system of funded individual accounts financed by mandatory contributions. This general approach was first adopted by Chile almost 35 years ago, and soon became popular among that set of economists most enamored with the universal superiority of markets as a mechanism for allocating resources. In the latter half of the 1990s, the approach was promoted internationally by the World Bank.

Read More…
Posted on May 20, 2014  |  15 comments  |  Add your comment
Wednesday, February 26, 2014

Social Security: Making the Most of Your Biggest Retirement Asset

Virginia P. Reno, National Academy of Social Insurance

The National Academy of Social Insurance joins more than 1,000 organizations nationwide during America Saves Week, February 24-28, with a public education initiative to help Americans boost their financial security. 

The Academy’s new toolkit, When to Take Social Security: It Pays to Wait, explains how waiting to take Social Security retirement benefits, if you can, will increase your monthly benefit by as much as 76 percent. Key messages are:

Read More…
Posted on February 26, 2014  |  3 comments  |  Add your comment