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A PATH TO SOCIAL SECURITY REFORM

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By Chris Pope
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March 28, 2023 6:30 AM
23 Comments Listen
As a condition of providing extra funds to support the existing benefit,
legislators should let younger workers opt for a better-focused safety net.

In his 2024 budget proposal, President Biden promised to oppose any cuts to
Social Security -- pledging to defend the current structure of the program. The
past four decades have seen enormous changes to America’s economy, society, and
public policy, but Social Security has remained essentially unaltered.

That is not because the program is performing particularly well. It costs twice
as much as public-pension systems in Australia and Canada but leaves the poverty
rate among American seniors significantly higher. Most of the program’s
expenditure goes to relatively affluent seniors and has little effect other than
to push up taxes, reduce incentives ...

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Chris Pope is a senior fellow at the Manhattan Institute. @CPopeHC




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