Pensions & Investments: Social Security revamp

Neil Roland writes for Pensions & Investments on prospects for Social Security reform under the Obama administration:

Within the next few years, Barack Obama is likely to fulfill his pledge to try to revamp Social Security despite the political pitfalls involved, financial experts said. That most likely means a package of tax increases and benefit reductions that would fall most heavily on upper-income wage earners.

The Obama administration will attempt the first significant changes since the early 1980s because Mr. Obama needs to make substantial cuts in the federal deficit to assure financial markets spooked by the recession and the credit crisis.

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