Social Security's Road to Insolvency: A Policy Proposal to Save the Nation's Largest Government Program
Lardies Rivas, Cesar
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Since its inception in 1935, Social Security has been widely regarded as the single most important anti-poverty government program in existence. Serving millions of elderly Americans for over eighty years, Social Security has become a crucial source of income security for a population that would otherwise face potential financial peril. Now the program’s trust fund is quickly running out and expected to be depleted by 2034, putting the future of millions of Americans at grave risk. Consequently, and in an effort to address this urgent matter, this capstone project proposes a comprehensive policy package that will attempt to reset the program’s finances and make Social Security solvent for future generations. Rethinking the retirement age, the current cap on taxable earnings, and the formula used to calculate cost-of-living adjustments (COLAs) constitute the basis of this proposal, which this project has found to be a potentially effective approach to bring financial soundness back to Social Security.