Challenges Facing Social Security

The discussion at the Aspen Economic Forum focuses on the challenges facing Social Security, including its growing deficit and the potential for a 23% benefit cut by 2033. Experts Mark Duggan and Glenn Hubbard explore solutions such as increasing revenue and cutting costs, drawing parallels to the Greenspan Commission's past reforms. They emphasize the need for bipartisan cooperation and public communication to address demographic changes and economic implications. The conversation highlights the urgency of finding solutions to ensure the program's sustainability.

What is the main financial challenge facing Social Security as discussed in the forum?

• Overfunding of the program

• Growing deficit and trust fund depletion

• Lack of public awareness

• Increasing the retirement age

What approach was suggested to address the Social Security deficit?

• Only cutting costs

• Only raising taxes

• A combination of raising revenue and cutting costs

• Ignoring the deficit

What was the role of the Greenspan Commission in Social Security reform?

• It increased benefits for all recipients

• It proposed a new tax system

• It was a bipartisan compromise to extend the program's life

• It eliminated Social Security benefits

How have demographic changes affected Social Security?

• The number of retirees has decreased

• Life expectancy has increased, raising the value of benefits

• The program now covers fewer people

• Life expectancy has decreased

Why is it important to address Social Security issues promptly?

• To avoid a 23% benefit cut

• To eliminate the program

• To increase the retirement age

• To reduce taxes

Which demographic groups are most dependent on Social Security?

• Young adults

• Middle-aged professionals

• Underrepresented minorities and elderly

• High-income earners

What is a potential consequence of not addressing Social Security's financial issues?

• No impact on current recipients

• Elimination of the program

• Increased benefits for all

• A significant cut in benefits for some groups