The Future of Social Security - Michigan Forum
Wednesday, 11/7/2018, 2:00pm to 5:30pm. ARCHIVED EVENT
Location: Michigan League Building, Vandenberg Room, University of Michigan, 911 N. University Avenue, Ann Arbor, MI 48104
How do we assure that America's most popular and important domestic program achieves long-term financial balance?
What's at stake? For most of the 20th century, Americans have been able to rely on multiple sources of retirement income - including Social Security, personal savings, pensions and employer-sponsored savings plans - to enjoy some measure of financial security during their later years. The significant reduction in poverty among older Americans through the Social Security program is one our nation's most significant accomplishments.
The challenge we face: For a number of years, we have known that the protection provided by Social Security may not be 100% sustainable without some changes. The 2018 Report of the Social Security Trustees projects that the program's revenues will be sufficient to pay all scheduled benefits until 2034, but 75% of scheduled benefits thereafter. If the Trustees' projections hold, this means that workers retiring 16 years from now could receive only three-quarters of the benefits promised. Moreover, some polls have shown that many working Americans, especially Millennials, believe they will receive no Social Security benefits whatsoever. Clearly, Congress will need to act to bring the program's finances into long-term balance and to restore public confidence, especially among current and future generations of workers. What might elected officials do to fix this major challenge facing our nation?
What are among the options? Henry Aaron, a Senior Fellow at the Brookings Institution, has developed a proposal for how to deal with Social Security's long-term finances and how Congress might modify the program to better reflect economic, demographic, and behavioral changes, since Congress last enacted major Social Security legislation in 1983. Aaron is one of the nation's preeminent experts on Social Security, Medicare, and budget policy.
Former Deputy Commissioner (Acting) and Chief Economist at the Social Security Administration, Jason Fichtner, will serve as the keynote presenter and describe Henry Aaron's proposed program. Following Fichtner's presentation, several other policy experts will discuss the implications of proposed changes to Social Security. The discussion will be moderated by Luke Shaefer, Director of Poverty Solutions at the University of Michigan.
Additional event speakers include:
William Arnone, CEO, National Academy of Social Insurance
Janet Barr, Actuary, American Academy of Actuaries
Rachel Greszler, Research Fellow in Economics, Budget and Entitlements, The Heritage Foundation
John Laitner, Director, Life-Cycle Economics, University of Michigan
Christopher O'Leary, Senior Economist, W.E. Upjohn Institute for Employment Research
Nirupama Rao, Assistant Professor, Business Economics and Public Policy, Ross School of Business, University of Michigan
This free, educational forum is for concerned members of the academic community at the University of Michigan, as well as the Detroit-area community. Don't miss this unique opportunity to get an inside look at what Congress may do, and what this might mean for workers and beneficiaries, today and tomorrow.
Michigan Host Committee:
Thomas Buchmueller, Waldo O. Hildebrand Professor of Risk Management and Insurance, and
Professor and Chair of Business Economics and Public Policy, Ross School of Business, University of Michigan
John Laitner, Director Life-Cycle Economics, Institute for Social Research, University of Michigan
Helen Levy, Research Professor, University of Michigan Gerald R. Ford School of Public Policy
Luke Shaefer, Director, University of Michigan Poverty Solutions; Associate Professor of Social Work, School of Social Work; Associate Professor of Public Policy, Gerald R. Ford School of Public Policy
Erica Solway, Senior Project Manager, Health Michigan Plan evaluation, and Associate Director, National Poll on Healthy Aging, Institute for Healthcare Policy & Innovation, University of Michigan
About the National Academy of Social Insurance
Since the Academy was founded in 1986, it has hosted convenings designed to provide rigorous inquiry and insights into the functioning of our nation's social insurance programs and how they can continue to meet the changing needs of American families, employees, and employers. Participants in Academy events gain valuable takeaways, including leading policy options, the latest research findings in various areas of social insurance, who's who in the field, and which organizations are most engaged in these issues.