Social Security Reforms Progressives Will Resist

On January 28, the Congressional Budget Office released “The Budget and Economic Outlook: 2020 to 2030,” and it projected annual trillion-dollar budget deficits for the entire decade. The largest expenditure of the federal government is for social programs, the biggest of which is Social Security. Some progressives in Congress, however, contend that Social Security should not be a part of any effort to balance the budget. But if Congress is ever again to get control over the budget, reform of the social programs must be a part of the solution. In the Social Security Administration’s Annual Statistical Supplement, 2019, the first block of data, “Table 4.A1 Old-Age and Survivors Insurance, 1937–2018 (in millions of dollars),” is divided into Receipts, Expenditures, and Assets. Let’s focus for the nonce on two columns: “Net payroll tax contributions” on the Receipts side, and “Benefit payments” on the Expenditures...(Read Full Article)
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