The Resource Social Security reform : possible effects on the elderly poor and mitigation options, Kathleen Romig

Social Security reform : possible effects on the elderly poor and mitigation options, Kathleen Romig

Label
Social Security reform : possible effects on the elderly poor and mitigation options
Title
Social Security reform
Title remainder
possible effects on the elderly poor and mitigation options
Statement of responsibility
Kathleen Romig
Creator
Contributor
Subject
Genre
Language
eng
Summary
Social Security has significantly reduced elderly poverty. The elderly poverty rate has fallen from 35% in 1959 to an all-time low of 9% in 2006, in large part because of Social Security. If Social Security benefits did not exist, an estimated 44% of the elderly would be poor today assuming no changes in behavior. The Supplemental Security Income (SSI) program, also provides benefits to the poorest elderly, many of whom do not qualify for Social Security benefits. However, despite these programs, about 3.4 million elderly individuals remained in poverty in 2006. The Social Security system faces a long-term financing problem. The Social Security Trustees project cash-flow deficits beginning in 2017 and trust fund insolvency in 2041. Many recent proposals to improve system solvency would reduce Social Security benefits in the future. Benefit reductions could affect the low-income elderly, many of whom rely on Social Security benefits for almost all of their income. Such potential benefit reductions could lead to higher rates of poverty among the elderly compared to those projected under the current benefit formula. Because the low-income elderly are especially vulnerable to benefit reductions, many recent Social Security reform proposals have included minimum benefits or other provisions that would mitigate the effect of benefit cuts on the elderly poor. This report analyzes the projected effects of four possible approaches to mitigating the effects of Social Security benefit reductions on elderly poverty in 2042, the first full year of projected trust fund insolvency. The options are compared to a payable baseline, which assumes current-law benefits would need to be cut across the board to balance Social Security's annual income and spending at the point of insolvency. The four options examined are (1) a poverty-line Social Security minimum benefit; (2) a sliding-scale Social Security minimum benefit; (3) a poverty-line SSI benefit; and (4) a poverty-line SSI benefit with liberalized eligibility
Member of
Cataloging source
SNM
http://bibfra.me/vocab/lite/collectionName
HeinOnline U.S. Congressional Documents Library
http://library.link/vocab/creatorName
Romig, Kathleen
Government publication
federal national government publication
Illustrations
  • illustrations
  • charts
Index
no index present
LC call number
Z663.6
LC item number
.S63 2008b ONLINE
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
Library of Congress
Series statement
CRS report for Congress
Series volume
RL34433
http://library.link/vocab/subjectName
  • United States
  • United States
  • United States
  • Elderly poor
  • Older people
  • Social security
  • Income maintenance programs
  • Supplemental security income program
  • Elderly poor
  • Finance
  • Income maintenance programs
  • Legislative bodies
  • Older people
  • Social security
  • Supplemental security income program
  • United States
Target audience
specialized
Label
Social Security reform : possible effects on the elderly poor and mitigation options, Kathleen Romig
Instantiates
Publication
Note
  • "April 4, 2008."
  • Title from title screen (viewed June 1, 2009)
Antecedent source
unknown
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
black and white
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
368431934
Dimensions
unknown
Extent
1 online resource (27 pages)
File format
one file format
Form of item
online
Level of compression
unknown
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Quality assurance targets
unknown
Reformatting quality
unknown
Specific material designation
remote
System control number
(OCoLC)368431934
System details
  • Mode of access: World Wide Web
  • System requirements: Adobe Acrobat Reader
Label
Social Security reform : possible effects on the elderly poor and mitigation options, Kathleen Romig
Publication
Note
  • "April 4, 2008."
  • Title from title screen (viewed June 1, 2009)
Antecedent source
unknown
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
black and white
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
368431934
Dimensions
unknown
Extent
1 online resource (27 pages)
File format
one file format
Form of item
online
Level of compression
unknown
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Quality assurance targets
unknown
Reformatting quality
unknown
Specific material designation
remote
System control number
(OCoLC)368431934
System details
  • Mode of access: World Wide Web
  • System requirements: Adobe Acrobat Reader

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