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Social Security is headed for collapse. How can the United States make its retirement system sustainable without crushing the next generation under a mountain of debt or taxes?
America’s largest entitlement program turns 90 this year—and it’s on life support. There’s no trust fund, just IOUs from the federal government and trillions in borrowing to keep the program afloat. By 2033—just eight years from now—Social Security will go bust. If nothing changes, benefits will be slashed by 20 percent or more.
However, there is a remedy. Reimagining Social Security: Global Lessons for Retirement Policy Changes explains what is wrong with Social Security and how major retirement program reforms from Canada, Germany, New Zealand, and Sweden could work in the United States. Combining interviews and new analysis, this book lays out real-world solutions that protect seniors, preserve individual liberty, and fit the American economic model.
Forget partisan gridlock. This is about smart, tested policies that work. Whether you’re a policymaker, scholar, or concerned citizen, this is essential reading for anyone who cares about the future of retirement in America.
"As America’s Social Security program nears a fiscal tipping point, Reimagining Social Security challenges us to think boldly about the future. Combining expert perspectives, global lessons, and practical solutions, this timely book shows how the US can preserve retirement security while empowering individuals and shielding our grandchildren from rising debt and taxes. Essential reading for policymakers and all looking ahead to a secure retirement, the book offers a clear and compelling guide for modernizing Social Security against the backdrop of our changing demographic and economic reality."
—Olivia S. Mitchell, professor of business economics and policy, The Wharton School of the University of Pennsylvania
“This book must be read by anyone interested in Social Security reform. It brings together experts from the US and abroad to examine successful Social Security reforms undertaken by other advanced countries. The examination provides a fresh perspective on how the US Social Security program can be fundamentally reformed. I finished the book with renewed optimism about the prospects for reform.”
—John F. Cogan, Leonard and Shirley Ely Senior Fellow, Hoover Institution, and author, The High Cost of Good Intentions
“Social Security reform is neither a right- nor left-wing agenda. No program, however commendable, can command an ever-larger share of society’s resources. While the book emphasizes benefits but not tax adjustments that may be necessary, I find particularly appealing how Boccia and Nachkebia illustrate how other countries—but not the US—adapt to uncertain demographic shifts in life expectancy and birth rates—a vital requirement for sustainable reform.”
—Eugene Steuerle, Richard B. Fisher chair, Urban Institute
“Boccia and Nachkebia provide a welcome reality check to the Social Security policy discussion, accurately diagnosing not only our national pension system’s problems but their causes. Though the picture is a daunting one, the reader is not left without answers, for not only do Boccia and Nachkebia provide their own well-considered recommendations, they also assemble the insights of other US Social Security experts as well as the best lessons from international experience. Readers of this volume will obtain a clearer sense of how Social Security reforms should be conceived and designed.”
—Charles Blahous, J. Fish and Lillian F. Smith Chair, Mercatus Center, and former public trustee for Social Security and Medicare
“This book is a must-read for any policymakers who are concerned about the future of the Social Security program—and about the federal government’s unsustainable finances more generally. The discussions are thoughtful and nuanced, drawing lessons from public pension systems in other countries. The authors make a compelling case for adopting a New Zealand–style flat Social Security benefit that focuses on keeping seniors out of poverty, while restoring the program to solvency and empowering all Americans to save for the future.”
—Sita Nataraj Slavov, professor of public policy, Schar School of Policy and Government, George Mason University; and faculty research fellow, National Bureau of Economic Research
