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1、EconomicPolicyBriefInstituteingPaper1660LStreet,NW•Suite1200•Washington,D.C.20036•202/775-8810•http://epinet.orgFIXINGSOCIALSECURITYTheClintonPlanandItsAlternativesbyEdithRasellandJeffFauxAfteralifetimeofparticipatingintheworkforce,workersshouldbeabletocountonasecurereti
2、rement.SocialSecurityisthemosteffectivewayworkingpeoplehaveofguaranteeingthemselvesareliableincomeintheiroldage.Two-thirdsofretiredworkersreceive50%ormoreoftheirincomefromtheprogram.GiventheimportanceofSocialSecurity,itiseasytounderstandwhypeopleareconcernedforitsstabili
3、ty.TheSocialSecurityTrustFund,whichreceivesthepayrolltaxesthatarepaidoutasbenefits,issolvent.Infact,itisbetterthansolvent—itactuallybringsinmorethanenoughmoneytopaycurrentbenefits.Buttoensurefuturesolvency,eachyeartheSocialSecurityTrusteesarerequiredbylawtoassesstheprogr
4、am’sfinancesforthenext75years.Theirrecentlyreleased1999reportprovidesaddi-tionalevidencethat,despitetheoft-heardalarmistrhetoric,thereisnocrisisintheSocialSecurityprogram.Thetrusteesprojectthattheprogram,asitcurrentlyexists,willbeabletopayfullbenefitsuntil2034,whichistwo
5、yearslongerthantheir1998estimate.Thefundisnowprojectedtohaverev-enuessufficienttopay73%ofbenefitsin2035andabout67%ofbenefitsin2075(ifnothingweretochangebetweennowandthen).Inthelatestreport,thetrusteesconcludethat“thelong-termfinancingproblemfacingSocialSecurityissignific
6、antbutcouldbesolvedbysmallgradualchangesifthosechangesareenactedsoon”(SocialSecurityandMedicareBoardofTrustees1999,emphasisadded).ThepresidenthasproposedaplantoensurethattheTrustFundcanpaySocialSecuritybenefitsthrough2055,1primarilybyusinggovernmentsurplusestoincreasethe
7、program’sassets.CongressionalRepublicanstendtofavoramoreradicalstrategyofprivatizationthatwouldtransformSocialSecurityintoindividualprivateinvestmentaccounts.InthisbriefingpaperweexplaintheSocialSecurityproblemanditssimplest,mostsensiblesolution,asolutionthatrequiresonly
8、small,gradualmodificationstothesystemthatarebeingoverlookedbyboththepresident’splanandtheRepublicanpriv
