The Potential Savings to Social Security from Means Testing
AbstractMany people in policy debates have argued that means testing, or reducing Social Security payments to affluent beneficiaries, can be an effective way to save money for the program and to reduce the federal budget deficit. This paper examines the feasibility of saving money through various types of means tests and suggests that is likely to be very limited unless the means test is applied to individuals who are very much middle class by any reasonable definition. The percentage of benefits that go to affluent seniors is too small to make very much difference to the program’s finances.
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Bibliographic InfoPaper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2011-05.
Length: 16 pages
Date of creation: Mar 2011
Date of revision:
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social security; retirement; means testing;
Find related papers by JEL classification:
- H - Public Economics
- H5 - Public Economics - - National Government Expenditures and Related Policies
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
This paper has been announced in the following NEP Reports:
- NEP-AGE-2011-03-19 (Economics of Ageing)
- NEP-ALL-2011-03-19 (All new papers)
- NEP-PKE-2011-03-19 (Post Keynesian Economics)
- NEP-PUB-2011-03-19 (Public Finance)
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