CAP Social Security Proposal

This is a fraught subject that's worthy of a more detailed post than I have the time to do while traveling, but I thought I should mention that today CAP is releasing a Social Security reform proposal by my colleague Christian Weller. The goals of the plan are twofold. One is to make Social Security actuarially sound on a long-term basis through tax increases and benefit cuts. The other is to address adequacy issues with the existing Social Security system by offering higher benefits to the poorest retirees, to people over the age of 85, and to many divorced women, and to some beneficiaries of the survivorship benefits system.

Obviously, the whole idea of tinkering with Social Security at all is very controversial in progressive circles. But I think if you look at this plan you'll see that it's much more progressive than the leading alternatives and would, if implemented, do a great deal to improve the plight of the most vulnerable classes of elderly Americans. There's been a lot of throwing around of the term "catfood commission" in the blogosphere but the dual reality is that the current system leaves a substantial fraction of the elderly below the poverty line. That's something that could be changed, and that I think it's essential to seize the opportunity to try to change it if the political system really does pivot toward altering the program.