Options for adjusting the growth of Social Security benefits

Social Security and Medicare Trustee Charles Blahous testified last Friday before the Social Security Subcommittee of the House Ways & Means Committee on options for adjusting the growth of Social Security benefits.

Here is his full testimony.

Here are his nine rules of thumb:

1. Act soon.
2. Yes, slow the growth of benefits.
3. Recognize demographic realities.
4. Phase in changes as rapidly as palatable before 2035.
5. Repair flawed work incentives.
6. Protect the vulnerable by constraining benefit growth for higher-income workers.
7. Maintain the contribution-benefit link; don’t means-test.
8. Maintain the link between retirement/disability benefits.
9. Avoid unnecessary complexity.