Tag Archives: social security

A thought on Social Security

Forecasts from the Congressional Budget Office estimate that over time the share of GDP will rise from 5 to 6 percent. This may be a relatively minor increase in context of other expanding entitlement programs, and it is probably politically infeasible to cut benefits or enact major structural changes for the generation of people that are 30-40 years old and up. But why not phase the program out (either in whole or in part) after that? Young people like myself have decades to plan ahead for a retirement without Social Security, and as living standards continue to increase I am fairly confident in saying that even a Social Security that drastically reduces benefits for people in my demographic cohort would not leave us worse off.
Addendum: Here is the CBO Director’s blog.

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