The Mercatus Institute’s Charles Blahous writes on the proposals from the Bipartisan Policy Center’s 19-member Commission on Retirement Security and Personal Savings to improve Social Security’s financing and expand personal saving for retirement. Blahous was a member of the BPC Commission:
The Bipartisan Policy Center’s Securing Our Financial Future offers a new set of recommendations to strengthen Americans’ retirement income security. The full report can be found here and an executive summary here. A useful compendium of graphical information about the recommendations can be found here, and an affecting video on the financial challenges facing Americans can be viewed here.
The report was developed by the BPC’s 19-member Commission on Retirement Security and Personal Savings, co-chaired by former Senator Kent Conrad (D-ND) and Jim Lockhart, former principal deputy commissioner of the Social Security Administration (SSA). I served as one of the commission members and was deeply impressed by the co-chairs’ leadership and process acumen, as well as by the other commission members and an exceptionally capable team of staff.
As the commission included experts holding a wide range of policy views, a consensus report was only possible because its work was relentlessly data-driven, and because the co-chairs skillfully incorporated input from the entire commission to forge balanced compromise. It is fashionable in political circles to characterize genuine compromise as containing something for everyone to dislike; a more accurate description in this case is that compromise would lead to far better results than either left or right would receive under the status quo.