What is PGPFs position on Social Security?
Social Security is a vital program that must be strengthened. As such, we should address its financing challenges now so that the program remains solvent, sustainable, and secure for both current and future generations. The good news is that Social Security is a relatively manageable part of our fiscal challenge and the easiest part of the social safety net to address. It accounts for less than $6.6 trillion of our $56.4 trillion fiscal hole, whereas Medicare accounts for over $36.3 trillion of that hole. If we act now, relatively modest changes, some of which would be phased-in over time, can close this gap. A variety of solutions have been proposed for Social Security, including broadening the income levels subject to Social Security taxes, enhancing benefits for lower-income individuals while reducing benefits for higher-income individuals, recognizing longer life spans, and adding supplemental retirement accounts.
