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