Menu Search Account

LegiStorm

Get LegiStorm App Visit Product Demo Website
» Get LegiStorm App
» Get LegiStorm Pro Free Demo

Social Security: Restoring Long-Term Solvency Will Require Difficult Choices

  Premium   Download PDF Now (20 pages)
Report Type Reports and Testimonies
Report Date Feb. 10, 1998
Report No. T-HEHS-98-95
Subject
Summary:

Social Security, the foundation of the nation's retirement income system, provides 42 percent of all income for the elderly--about twice as much as any other single source. Because of significant demographic changes, however, Social Security confronts a serious long-term financing shortfall. This testimony discusses five fundamental choices that Social Security reforms will reflect: (1) balancing income adequacy and individual equity, (2) determining who bears risks and responsibilities, (3) choosing among various benefit reductions and revenue increases, (4) using pay-as-you-go or advance funding, and (5) deciding how much to save and invest in the nation's productive capacity.

« Return to search Government Accountability Office reports