Social Security, instituted in 1935, has provided tens of millions of Americans with income for retirement. Currently, more money is collected in Social Security taxes from workers than is paid out to retirees. But that ratio is reversing as “baby boomers” start to retire and the workforce shrinks due to the recession. Options to close the gap include more borrowing, higher taxes or reduced benefits.
REUTERS/Jim Young - Republican U.S. presidential candidate Jeb Bush (R) speaks as rival and Senator Marco Rubio listens during the debate held by Fox News for the top 2016 U.S. Republican presidential candidates in Des Moines, Iowa January 28, 2016.
Life expectancy and the Republican candidates' Social Security proposals
January 29, 2016, Robert Shapiro
In last Thursday’s GOP debate, Marco Rubio and Ted Cruz reiterated their backing for raising the Social Security retirement age from 67 to 70, a change that Jeb Bush also supports. In this post, Rob Shapiro argues this reveals a limited understanding of the growing inequality in life expectancy among Americans.
Retirement, Saving and Pensions
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U.S. Budget Deficit
The Federal Budget
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Henry J. Aaron
Senior Fellow, Economic Studies
The Bruce and Virginia MacLaury Chair
Isabel V. Sawhill
The John C. and Nancy D. Whitehead Chair
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