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IPFS News Link • Social Security

Another Conservative Social Security Reform Plan

•, by Laurence M. Vance

Greszler is a research fellow in economics, budget, and entitlements who "researches and analyzes taxes, Social Security, disability insurance, and pensions to promote economic growth." Blumsack is "a member of the Young Leaders Program at The Heritage Foundation."

The authors recognize some major problems with the Social Security system:

America's most popular federal government program — Social Security — will be insolvent within 15 years, leaving older workers and retirees fearful of future benefit cuts.

It will also leave younger workers reticent to contribute even larger chunks of their paychecks toward a program that 80% of millennials and Gen Xers doubt will be there for them when they retire.

Over more than eight decades, Social Security has expanded far beyond its original size and scope. What was once a 2% tax on workers' wages is now 12.4% and would have to be 15.5% to keep the program solvent.