Abstract

http://ssrn.com/abstract=1991371
 


 



What Every American Needs to Know About Government Entitlement Reform


Andrew G. Biggs


American Enterprise Institute

September 16, 2010

Retirement Policy Outlook, No. 2, p. 1, September 2010

Abstract:     
The long-term budget challenge can be summarized in one word: entitlements. Without Social Security, Medicare, and Medicaid, the budget would be roughly in balance over the coming decades. Left unreformed, however, entitlement costs will become so wildly out of step with revenues that a fiscal crisis will be inevitable. Balancing the budget over the next twenty-five years would require an immediate and permanent 30 percent increase in all federal taxes. Over longer periods, the prognosis is even grimmer. The alternative is to rethink the entitlement philosophy by focusing resources where they are most needed, sharpening incentives to reduce waste, empowering individuals to make choices, and buttressing Americans’ own retirement savings.

Number of Pages in PDF File: 7

Keywords: Entitlement, Social Security, Medicare, Medicaid, Budget

JEL Classification: H63, H53

Accepted Paper Series





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Date posted: January 26, 2012  

Suggested Citation

Biggs, Andrew G., What Every American Needs to Know About Government Entitlement Reform (September 16, 2010). Retirement Policy Outlook, No. 2, p. 1, September 2010. Available at SSRN: http://ssrn.com/abstract=1991371

Contact Information

Andrew G. Biggs (Contact Author)
American Enterprise Institute ( email )
1150 17th Street N.W.
Washington, DC 20036
United States
202-862-5841 (Phone)
HOME PAGE: http://www.aei.org
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