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Future of Social Security, Medicare, and more will be shaped by lessons from COVID-19 Crisis

In a new compendium, The Future of Social Insurance: Insights From the Pandemic, fourteen top experts on Social Security, Medicare, the economy, labor and workforce issues, retirement, aging, disability and long-term care, describe what we have learned from the pandemic so far. Each reflects on how social insurance programs have come to the aid of millions of Americans during today’s extraordinary economic and health catastrophes, and how policymakers might further strengthen the programs for future crises.

October 22nd, 2020|

Social Security at 85: Trump’s executive order and the program’s future

August 14, 2020, marks the 85th anniversary of the Social Security Act. Today, Social Security is one of the nation’s most popular government programs. 

The Trump Administration recently issued an executive order temporarily suspending workers’ contributions to Social Security– a move without bipartisan support. President Trump has also indicated his desire to permanently end these dedicated contributions from workers and employers.

August 14th, 2020|

Social Security Finances: Findings of the 2020 Trustees Report

Each year, the Report of the Social Security Trustees updates projections about the future finances of Social Security’s two trust funds, the Old-Age and Survivors (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund. The 2020 Social Security Trustees Report projects that revenues will be sufficient to pay all scheduled benefits until 2035 and three-quarters of scheduled benefits thereafter. The DI Trust Fund is now projected to cover scheduled benefits until 2065 (compared with 2052 in last year’s Trustees Report), and the OASI Trust Fund until 2034 (the same projection as last year’s report). On a combined OASDI basis, Social Security is fully funded until 2035 but faces a projected shortfall thereafter if Congress does not act before then.

May 1st, 2020|

Social Security Finances: Findings of the 2018 Trustees Report

The 2018 Report of the Social Security Trustees projects that revenues will be sufficient to pay all scheduled benefits until 2034 and roughly three quarters of scheduled benefits thereafter. In 2017, Social Security income from payroll contributions, tax revenues, and interest on reserves exceeded outgo by $44 billion. Reserves, now at $2.9 trillion, are projected to begin to be drawn down in 2018 in order to pay full scheduled benefits. The Disability Insurance (DI) Trust Fund is projected to cover scheduled benefits until 2032, and the Old-Age and Survivors Insurance (OASI) Trust Fund until 2034. On a combined OASDI basis, Social Security is fully funded until 2034, but faces a projected shortfall thereafter. After the projected depletion of the combined OASDI trust funds, Social Security contributions and tax revenues would continue to be received and would cover about 79 percent of scheduled benefits (and administrative costs, which are less than 1 percent of outgo).

June 5th, 2018|

MEDIA ALERT: New Approaches to Social Security Policy

What: A daylong policy convening that unveils bold new ideas on Social Security policy. The event will feature a diverse range of policy experts presenting their innovative ideas, many of which have never been discussed in a public forum. 

When: Thursday, October 19, 2017, 10:00 am - 3:00 pm 

Where: Ronald Reagan Building, Horizon Ballroom, 1300 Pennsylvania Avenue NW,          Washington, DC 

Topics include: 

  1. Retirement security in an era of increasing and disparate longevity 
  2. Improving benefits for life-time earners
  3. Providing retirement security to caregivers and to workers in a changing workforce 
  4. Ensuring adequate revenue for social security 

Speakers include: 

October 13th, 2017|

PRESS RELEASE: In Washington State, Total Workers’ Compensation Benefits Increase but the Share for Medical Benefits Falls

WASHINGTON, D.C. – Total workers’ compensation benefits paid increased in Washington State between 2011 and 2015, but spending on medical benefits declined, according to a new report from the National Academy of Social Insurance (the Academy).

In 2015, total workers’ compensation benefits paid in Washington were $2.4 billion. Between 2011 and 2015, total benefits paid increased 3.8 percent in the state, compared to a 0.7 percent increase in the rest of the U.S. over the same period. The increase in total benefits in Washington was driven by a 6.6 percent increase in cash benefits paid, but the growth rate in total benefits was moderated by reductions in medical spending.  

October 4th, 2017|
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