New Report Calls For Social Security Reforms

By Laura Smith – University of New Mexico/Talk Radio News Service

A new report commissioned by the National Academy of Social Insurance (NASI) says that in order to keep the Social Security system stable, the Social Security Administration must lift the cap on the earnings from which workers and employers pay Social Security taxes, broaden the base for Social Security taxes and gradually lower some future benefits.

“We have to open the debate up and take the kind of fresh look that’s going to help us reshape our retirement income framework to do a better job overall. We want to push forward the social security part of that debate,” Janice Gregory, president of NASI, said Friday.

The report goes on to recommend balance in Social Security’s future finances, such as scheduling modest rate increases in the future when funds will be needed and dedicating progressive taxes to pay part of Social Security’s future costs.