As a result of our nation’s demographics, Social Security is on an unsustainable path under current policy and needs to undergo reform. Fortunately, there are many bipartisan options available to consider, as the Congressional Budget Office (CBO) recently reminded lawmakers.
The Concord Coalition has long urged elected officials to make repairs on a program that is of vital importance to millions of American workers and retirees. The list of options discussed in a recent CBO blog post are a good place to start considering what could be done.
In recent years, CBO has highlighted troubling trends in the Social Security program, providing some indication of what is to come if current policies are left unchanged. The budget office says the costs of Social Security benefits are still projected to rise faster than both economic growth and federal revenue in the next few decades. This means we can expect a worsening of the cash deficits that the program is already experiencing.
According to CBO, longer life spans will result in current and future Social Security beneficiaries, in average, receiving benefit payments for...