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R. Douglas Arnold: Fixing Social Security: The Politics of Reform in a Polarized Age

R. Douglas Arnold: Fixing Social Security: The Politics of Reform in a Polarized Age Business Economics https://doi.org/10.1057/s11369-022-00297-w BOOK RE VIE W R. Douglas Arnold: Fixing Social Security: The Politics of Reform in a Polarized Age Princeton University Press, 2022 Peter Diamond © National Association for Business Economics 2023 Under current law, Social Security benefit payments can- of the prime political players, including the policy makers not exceed Social Security resources in the Trust Fund bal- (Congress and Presidents), the prime lobbyists (AARP and ances plus the revenues received (from the payroll tax and employer groups), and voters (both attentive and inatten- the income taxation of benefits). The 2022 actuarial projec- tive). The discussion includes the views of these players tion of Social Security shows the combined Trust Fund bal- about alternative revenue and benefit changes as manifested ances becoming depleted in 2035 and continuing income in public surveys, political stances, and legislative propos- being sufficient to finance only 80 percent of scheduled ben- als. An important part of the political process is the role of efits at that time. The big questions are whether legislation actuaries. As noted by Arnold, “Social Security’s actuaries will change this outcome, and, if so, when and how. Doug have earned the respect of politicians of every stripe.” This Arnold’s clear and http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Business Economics Springer Journals

R. Douglas Arnold: Fixing Social Security: The Politics of Reform in a Polarized Age

Diamond, Peter
Business Economics , Volume OnlineFirst – Jan 16, 2023
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Publisher
Springer Journals
Copyright
Copyright © National Association for Business Economics 2023
ISSN
0007-666X
eISSN
1554-432X
DOI
10.1057/s11369-022-00297-w
Publisher site
See Article on Publisher Site

Abstract

Business Economics https://doi.org/10.1057/s11369-022-00297-w BOOK RE VIE W R. Douglas Arnold: Fixing Social Security: The Politics of Reform in a Polarized Age Princeton University Press, 2022 Peter Diamond © National Association for Business Economics 2023 Under current law, Social Security benefit payments can- of the prime political players, including the policy makers not exceed Social Security resources in the Trust Fund bal- (Congress and Presidents), the prime lobbyists (AARP and ances plus the revenues received (from the payroll tax and employer groups), and voters (both attentive and inatten- the income taxation of benefits). The 2022 actuarial projec- tive). The discussion includes the views of these players tion of Social Security shows the combined Trust Fund bal- about alternative revenue and benefit changes as manifested ances becoming depleted in 2035 and continuing income in public surveys, political stances, and legislative propos- being sufficient to finance only 80 percent of scheduled ben- als. An important part of the political process is the role of efits at that time. The big questions are whether legislation actuaries. As noted by Arnold, “Social Security’s actuaries will change this outcome, and, if so, when and how. Doug have earned the respect of politicians of every stripe.” This Arnold’s clear and

Journal

Business Economics – Springer Journals

Published: Jan 16, 2023

References