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

Medicare and Social Security Tabs Coming Due

By Michael D. Tanner. Reason. February 6, 2015.

Social Security Isn’t Going Away — But It Is Going to Get Worse

By Michael D. Tanner. Vice News. January 30, 2015.

Obama’s Budget: Why Won’t President Fix What Needs Fixing (Hint: Social Security, Medicare)?

By Nicole Kaeding. Fox News (Online). January 29, 2015.

Cato Studies

SSDI Reform: Promoting Gainful Employment while Preserving Economic Security

By Jagadeesh Gokhale. Policy Analysis No. 762. October 22, 2014.

The Rising Cost of Social Security Disability Insurance

By Tad DeHaven. Policy Analysis No. 733. August 6, 2013.

Spending Beyond Our Means: How We Are Bankrupting Future Generations

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

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.

Cato Reviews & Journals

A New Approach to SSDI Reform

Jagadeesh Gokhale. Regulation. Fall 2013.

Understanding Social Security Disability Insurance

Policy Report. September/October 2013.

Events

Rising Costs of Social Security Disability

Featuring Tad DeHaven, Jagadeesh Gokhale, and Chris Edwards. August 20, 2013. Capitol Hill Briefing.

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.