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• W247217627 abstract "are living longer and retiring earlier. If this trend continues, financial shortfall of the Security system is inevitable. Policy expert Richard Burkhauser has a plan to save the system for future generations. Security has long been considered, in former House Speaker Tip O'Neill's words, the third rail of American politics - that is, if you touch it, you die. Times have changed. Social Security reform has become an idea that is now legitimate to talk about, says Professor Richard Burkhauser, the new chair of the Department of Policy Analysis and Management. That's progress. It has now become politically acceptable to say, 'Yes, there is a problem. We need to do something about it.' Burkhauser knows well that the stakes are high when politicians talk about fixing Security - a system that gave more than $375 billion to more than 44 million in 1998. As an economist, Burkhauser has studied policy issues, especially Security policy, for most of his career. And he has a plan that may save Security for future generations. Part of his plan includes spreading the word about the significance of the system. After all, he notes, the amount that the average American employee pays in Security taxes plus the employer's share that is contributed in the employee's name adds up to more than the amount that the average American pays in income taxes. Social Security is an enormous system, both in terms of beneficiaries and taxpayers, Burkhauser says. Americans ought to understand it better than they do. Burkhauser, the Sarah Gibson Blanding Professor of Policy Analysis, teaches his students about the history, structure, and importance of the Security system. Then he challenges them to consider the future financial shortfalls in the system and how a typical person might solve them. But he faces a tough audience: most young people aren't counting on a solution that will provide them with a financially secure retirement. A couple of years ago, Burkhauser read a Harris poll that asked people in their 20s what they thought was more likely: finding life in outer space or getting their money back from Security. Most people answered life in outer space. There's a real distrust on the part of the new generation of workers, who fee that the Security system wont be around when they retire, Burkhauser says. Since the early 1990s, Burkhauser has been both a witness and an adviser, helping government representatives tackle the impending Security crisis and ensuring that Security will be there for his students. Burkhauser presented testimony in February 1999 to the Subcommittee on Security, part of the House Ways and Means Committee. From 1994 to 1996 he served as a member of the technical subcommittee of the Advisory Council on Security. The majority of the council made, it clear that the problems in Security must be solved, third rail or not. By 2013, payroll taxes will no longer cover monthly' Security payments; by 2032, the Security trust fund will be broke. What will cause the future shortfalls? Burkhauser explains two developments: First, people are living longer and healthier lives, yet they are still retiring with benefits at an early age. As a result, they will receiver benefits for a longer period. The second development - the concern that has gotten the most media play - is the baby boom generation. So many baby boomers will retire over the next 30 years that there will be fewer workers to pay for the benefits of each retired person. In the 1980s faced a similarly serious problem - albeit a short-term problem - caused by the recession of 1981-82. The benefits to current recipients come from the payments of current workers. When large numbers of workers are unemployed, the Security system experiences a financial shortfall. …" @default.
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• W247217627 title "The Problem with Social Security - and a Plan to Save It" @default.
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