Social Security is not sustainable without reform. Simply put, it cannot pay promised future benefits with current levels of taxation. Yet raising taxes or cutting benefits will only make a bad deal worse. At the same time, workers have no ownership of their benefits, and Social Security benefits are not inheritable. This is particularly problematic for low-wage workers and minorities. Perhaps most important, the current Social Security system gives workers no choice or control over their financial future.

More on Social Security's Financial Crisis

Commentary

The US in the Red: How Are We Doing?

By Jagadeesh Gokhale. The Free Lance-Star. June 24, 2013.

Social Security Falls Even Deeper into a Sinkhole

By Jagadeesh Gokhale. RealClearMarkets.com. June 6, 2013.

Chained CPI Won’t Fix Entitlements

By Michael D. Tanner. Orange County Register. April 18, 2013.

Cato Studies

Spending Beyond Our Means: How We Are Bankrupting Future Generations

By Jagadeesh Gokhale. White Paper. February 13, 2013.

Still a Better Deal: Private Investment vs. Social Security

By Michael D. Tanner. Policy Analysis No. 692. February 13, 2012.

Social Security, Ponzi Schemes, and the Need for Reform

By Michael D. Tanner. Policy Analysis No. 689. November 17, 2011.

Articles

Social Security Reform: Does Privatization Still Make Sense?

Jagadeesh Gokhale. Harvard Journal on Legislation. Vol. 50. 2013.

Retiring with Financial Security and Dignity: Social Security, the Commission, and Markets

William G. Shipman. IRET Policy Bulletin. May 25, 2011.

Measuring Social Security’s Financial Outlook Within an Aging Society

Jagadeesh Gokhale. TIAA-CREF: Policy Brief. October 2005.

Events

Disability Insurance: The New Welfare?

Featuring Jagadeesh Gokhale and Michael D. Tanner. June 19, 2013. Policy Forum.

Europe’s Crisis and the Welfare State: Lessons for the United States

Featuring John A. Allison, Ian Vásquez, Jagadeesh Gokhale, Marian L. Tupy, Veronique de Rugy, Juan Carlos Hidalgo, Chris Edwards, Daniel J. Mitchell, Mark A. Calabria & Michael D. Tanner. October 10, 2012. Conference.

Social Security: A Fresh Look at Policy Alternatives

Featuring Jagadeesh Gokhale. June 7, 2010. Capitol Hill Briefing.