“What is true of government as a whole is also true of particular programs. Social Security and Medicare are government programs; they cannot go bankrupt, and they cannot fail to meet their obligations unless Congress decides–say on the recommendation of the Simpson-Bowles Commission–to cut the benefits they provide.
The exercise of linking future benefits and projected payroll tax revenues is an accounting farce, done for political reasons. That farce was started by FDR as a way of protecting Social Security from cuts. But it has become a way of creating needless anxiety about these programs and of precluding sensible reforms, like expanding Medicare to those 55 and older, or even to the whole population.”
— James K. Galbraith In Defense of Deficits March 4, 2010
Background & Research
Historical Background And Development Of Social Security Social Security Administration
Social Security: Truth or Useful Fiction?
— L.Randall Wray Center for Full Employment and Price Stability
Financial Aspects of the Social Security “Problem”
— Stephanie Bell Kelton (@StephanieKelton), L. Randall Wray, Center for Full Employment and Price Stability June 2000
Does Social Security Need Saving? Providing for Retirees throughout the Twenty-first Century
— Dimitri B. Papadimitriou, L. Randall Wray The Jerome Levy Economics Institute of Bard College 1999
Proposals & Commentary
Here‘s a Kelton Twitter thread on Social Security, Medicare and payroll taxes.
On the Security of Social Security
— Max Mastellone (@MaxMastellone), Medium, Aug 24, 2018