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- Title
Will Social Security Have Another Financing Crisis Soon?
- Authors
Myers, Robert J.
- Abstract
The author examines the current financial position of the Old-Age, Survivors, and Disability Insurance (OASDI) portion of the Social Security program. Although the Hospital Insurance (HI) part of Medicare is expected to have serious financial problems around 1990, the OASDI program is considered financially sound at the present time. The financial solvency of the OASDI program in both the short range (1980s) and long range (next 75 years) is examined. Based on the 1983 amendments that restored financial solvency to the system, the author concludes that it is highly unlikely that the OASDI program will have a financing crisis in the 1980s and the following two decades. One exception would be poor economic performance, with wages rising at about the same rate as prices (or even more rapidly) over a period of years, and high unemployment In addition, based on the intermediate cost estimates, the OASDI program is considered to be in close actuarial balance over the next 75 years.
- Subjects
UNITED States; OLD age pensions; DISABILITY insurance; SOCIAL security; ECONOMIC security; EMPLOYEE benefits; GOVERNMENT insurance; SOCIAL legislation
- Publication
Benefits Quarterly, 1985, Vol 1, Issue 1, p22
- ISSN
8756-1263
- Publication type
Article