| Bold New Approaches to Social Security Reform in the 21st Century The most conducive time for crafting innovative policy is not when policymakers are trying to jam legislation through. It’s when the heat of the political spotlight falls elsewhere. And when one of the nation’s most important and relied-on federal programs is the subject of policy reform, fostering an environment conducive to innovation is crucial. On October 19, a set of fresh ideas under development for more than a year will be on full display for dialogue and discussion—key components of crafting good policy in themselves. Please join the National Academy of Social Insurance and AARP for a day-long exploration of bold new ideas in Social Security policy. A diverse range of policy experts will describe and debate their innovative ideas, many of which have never before been discussed in a public forum. Proposals presented will include those selected in AARP’s Social Security Policy Innovation Challenge as well as other ideas from retirement security experts. Bold New Approaches to Social Security Reform in the 21st Century
October 19, 2017, 10:00 am — 3:00 pm
Ronald Reagan Building and International Trade Center
Horizon Ballroom
1300 Pennsylvania Ave NW
Washington, DC 20004 | 
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2 comments:
Innovation - the introduction of something new.
Innovation does not trump the mathematics of a failed social security program. No matter how much spin one might try to produce, the fact is there is only three ways to resolve the issue: Raise taxes which makes the program a terrible deal for workers. Cut benefits which makes the program a terrible deal for future beneficiaries or repeal the social security act and admit the program as a total failure.
"fostering an environment conducive to innovation is crucial" yet how does this engineer a better program? How do you take a program with $35 Trillion in unfunded liabilities that have grown by 9% annually since 2000, where payroll taxes have grown by 3.1% annually and the combined payroll tax and income tax on benefits have grown at 3.1% annually since 2000?
Innovation - file for bankruptcy and start over.
Bold Approach?
"Though the average pension plan had only made an average annual return of 5.7% in 2001 to 2015, state pension plans tended to shoot for the stars and operated under an expected annual return of 7.6%, they reported."
This has led many state pension funds that had reported being 80% funded to reduce that to 52% funded or less.
“States that consistently fund full required contributions with an actuarial basis and use conservative assumptions and methods are more likely to effectively manage their pension liabilities and the associated long-term budgetary costs than states that do not,” wrote Sussan Corson, a credit analyst at S&P Global Ratings.
And many are trying to figure out what went wrong with Social Security.
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