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A Business Roundtable How Social Security Can Survive The nation's Social Security system is in a dilemma. Its retirement fund is paying out more in benefits than it is collecting in taxes, and that has a lot of people worried—not just the one in six Americans who currently receives some form of Social Security benefit (retirement, survivor, or disability) but also the nine out of ten workers in the nation's labor force who are being taxed by the system and who are counting on receiving Social Security benefits when they retire. They're concerned that their benefits will be drastically cut, or that the system will go bankrupt and they will lose their benefits completely. Since 1975, the annual benefits paid by the Social Security pension fund have exceeded the annual Federal Insurance Contributions Act taxes collected and earmarked for that fund. The program managed to pay its bills through early November with its reserves, which now are exhausted. Congress has staved off bankruptcy through June by permitting the retirement fund to borrow from Social Security's separate Medicare and disability insurance programs. But if that borrowing stops, or if the problems causing this shortfall are not corrected by July of this year, certain government officials predict that the system will indeed be bankrupt. The administration and some congressional members wanted the Congress to address Social Security's deficits in the '81 and '82 sessions; but due to its political sensitivity, the issue was assigned instead to the 15-member bipartisan National Commission on Social Security Reform, established by President Reagan in 1981. In January of this year, the commission reached agreement on a $169 billion proposal that Congress will consider in the coming weeks. Meanwhile, we thought it an appropriate time for the nation's commercial sector to express its opinion on this timely and important topic, and to examine the issue from a business perspective. With that in mind, we invited a group of knowledgeable and influential business leaders from varied backgrounds to an informal and open discussion of the Social Security issue. What follows is an abbreviated version of that discussion. RUSSELL E. PALMER y 15
Object Description
Title |
How social security can survive: a business roundtable |
Author |
Palmer, Russell Baldwin, Robert H. B. Beck, Robert A. Flittie, John H. Koskinen, John A. Myers, Robert J. Rifkind, Simon H. |
Subject |
Social security -- United States |
Citation |
Tempo, Vol. 28, no. 1 (1982), p. 15-22 |
Date-Issued | 1982 |
Source | Originally published by: Touche Ross, & Co. |
Rights | Copyright and permission to republish held by: Deloitte |
Type | Text |
Format | PDF page image with corrected OCR scanned at 400 dpi |
Collection | Deloitte Digital Collection |
Digital Publisher | University of Mississippi Library. Accounting Collection |
Date-Digitally Created | 2010 |
Language | eng |
Identifier | Tempo_1982_Spring-p15-22 |