Blahous: Don’t Worsen Social Security’s Soaring Cost Problem

Charles Blahous comments on the recent push to expand Social Security benefits.  He provides ten factors to keep in mind when thinking about changing the program.  He writes in conclusion:

But there are good reasons why such proposals have not been supported by mainstream Social Security analysts to date. Not only would such a benefit expansion render it still more difficult to maintain Social Security solvency without large, economically damaging tax increases, it would worsen many existing program inequities, depress worker living standards, and further undermine low-income individuals’ ability and incentive to put aside savings of their own. Though such proposals may bear a superficial political attraction for some, the policy consequences of their actual enactment would be hugely damaging.

 

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