This article explores policy alternatives that can bring Social Security (OASDI) into long-term balance. The alternatives conform to long-standing principles that benefits are: an earned right, related to pay and time in the workforce, not based primarily on need; and related to annual changes in the cost of living. Furthermore, the OASDI is self-financed, employers and employees contribute equally, and participation is compulsory. In order to maintain public support, the policy alternatives also spread the "pain" of change between workers and beneficiaries, maintain income replacement rates for low-income earners, and retain a positive correlation between taxes and benefits. The article discusses varying four policy parameters to balance the funds: the primary insurance amount, the cost-of-living adjustment; the normal retirement age; and the payroll tax rate. Only by changing several policy parameters can all the objectives be satisfied. Discussed in detail are three scenarios, each of which includes a COLA cut and a pay-as-you-go FICA tax rate.

译文

:本文探讨了可以使社会保障(OASDI)长期保持平衡的政策选择。这些备选方案符合长期的原则,即收益:与劳动者的工资和时间有关的获利权利,而不是主要基于需求;并与生活成本的年度变化有关。此外,OASDI是自负盈亏的,雇主和雇员平等出资,并且参与是强制性的。为了保持公众的支持,其他政策选择还使工人和受益人之间的变化“痛苦”蔓延,维持低收入者的收入替代率,并在税收和福利之间保持正相关。本文讨论了用于平衡资金的四个保单参数:基本保险金额,生活成本调整;正常退休年龄;和工资税率。只有改变几个政策参数,才能实现所有目标。详细讨论了三种方案,每种方案都包括削减COLA和按需付款的FICA税率。

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