Social Security: Past, Present and Future

Table of Contents

Social Security: Past, Present & Future

Overview

The History of the Social Security Program

Social Security Act

Implementing the Act

First Payments

Major Amendments

Introduction of Medicare

Major Program Changes since 1980

Public Opinion of Social Security

Why so much concern?

Demographic Changes

OASDI Annual Income Rate and Cost Rates

Current Status

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Current Situation

Current Status of the Medicare Program

Future Projections

Future Projections

Optimism in Future Projections

Possible Solutions

Reductions in Future Benefits

Is benefit reduction a viable solution?

Increasing the Payroll Tax

Shifting from a pay-as-you-go system to a fully funded program

Changing the management of the OASDI trust fund

Privatization

Risk of Privatization

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Gary Burtless’s Plan

($ in billions) Year Income Outgo Balance of Fund 1998 484 383 757 1999 504 396 864 2000 527 413 978 2001 553 435 1098 2002 581 455 1225

Problem

Conclusion

Author: ITS

Email: horlache@panther.middlebury.edu

Home Page: http://s01.middlebury.edu/ec428a

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