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On this episode of the Utterly Moderate Podcastwe are going to discuss a topic that was back in the news recently with the debt ceiling negotiations: Social Security.

A number of politicians and elected representatives have recently suggested that we make major changes to the Social Security program, changes which could have a substantial (and I think likely negative) impact on American seniors.

We will all eventually age, so this means it will impact us. 

A few quick notes on Social Security before you dive into this podcast episode:
It is important to note that this is not a partisan issue (at least among voters). Surveys show that strong majorities of Americans—whether old or young, high-income or working class, Republican or Democrat—believe that it is crucial for the U.S. to preserve full Social Security benefits for future generations, even if it means increasing payroll taxes.
Social Security is the biggest source of retirement income for most retirees.
Social Security is arguably America’s most effective poverty-fighting program, bringing elderly poverty down from almost 38% to less than 10% (lower than the national poverty rate).
Social Security is a social insurance program. This means it will continue to pay benefits regardless of whether or not you live long enough to use more benefits than you paid for—which a typical American retiree likely will.
Some argue that you could personally invest money in the stock market, instead of putting it into Social Security, and get a better return on your money for retirement. While this is no doubt true for some, millions of Americans would not likely be able to save as much on their own as they would through the “forced retirement planning” of Social Security.
Social Security will never “go broke.” It will always receive money from current workers, every two weeks, to pay for current retirees. Due to falling fertility rates, however, the program will only be able to afford to pay 77% of promised benefits beginning in the 2030s.
According to Social Security expert Kathleen Romig, the guest on this episode, full benefits can continue beyond this point if we remove the taxable earnings cap (currently around $160,000) and increase payroll taxes on employees and employers from the current 6.2% to somewhere around 7% each.

On this episode, we play clips of a summer 2021 podcast conversation we had with Social Security expert Kathleen Romig from the Center on Budget and Policy Priorities. Enjoy!

The Connors Forum is an independent entity from the institutions that we partner with. The views expressed in our newsletters and podcasts are those of the individual contributors alone and not of our partner institutions.

Episode Audio:
“Please Listen Carefully” by Jahzzar (Free Music Archive)
“Star Blessed Night” by Ketsa (Free Music Archive)
“Draw the Sky” by Paul Keane (licensed through TakeTones)
"Reading by Lamplight" by Maarten Schellekens (Free Music Archive)
“Happy Trails (To You)” by the Riders in the Sky (used with artist’s permission)
FDR on Social Security (publicly available on YouTube)

Don't forget to <a href="https://www.connorsforum.org/">SUBSCRIBE TO OUR FREE NEWSLETTER</a>!
<hr>
On this episode of the <a href="https://www.connorsforum.org/">Utterly Moderate Podcast</a> we are going to discuss a topic that was back in the news recently with the <a href="https://www.nytimes.com/2023/05/29/us/politics/debt-ceiling-agreement.html">debt ceiling negotiations</a>: Social Security.
A number of politicians and elected representatives have recently suggested that we make major changes to the Social Security program, changes which could have a substantial (and I think likely negative) impact on American seniors.
We will all eventually age, so this means it will impact us. 
A few quick notes on Social Security before you dive into this podcast episode:
<ul>
<li>It is important to note that this is not a partisan issue (at least among voters). <a href="https://www.pewresearch.org/social-trends/2019/03/21/retirement-social-security-and-long-term-care/">Surveys </a><a href="https://www.nasi.org/wp-content/uploads/2014/11/Americans_Make_Hard_Choices_on_Social_Security.pdf">show</a> that strong majorities of Americans—whether old or young, high-income or working class, Republican or Democrat—believe that it is crucial for the U.S. to preserve full Social Security benefits for future generations, even if it means increasing payroll taxes.</li>
<li>Social Security is the biggest source of retirement income for <a href="https://www.cbpp.org/research/social-security/top-ten-facts-about-social-security">most retirees</a>.</li>
<li>Social Security is arguably America’s most effective poverty-fighting program, bringing elderly poverty down from almost 38% to <a href="https://www.cbpp.org/research/social-security/social-security-lifts-more-americans-above-poverty-than-any-other-program">less than 10%</a> (lower than the <a href="https://www.census.gov/topics/income-poverty/poverty.html">national poverty rate</a>).</li>
<li>Social Security is a social insurance program. This means it will continue to pay benefits regardless of whether or not you live long enough to use more benefits than you paid for—which a typical American retiree <a href="https://www.urban.org/sites/default/files/publication/98569/social_security_and_medicare_lifetime_benefits_and_taxes_2017_update_0.pdf">likely will</a>.</li>
<li>Some argue that you could personally invest money in the stock market, instead of putting it into Social Security, and get a better return on your money for retirement. While this is no doubt true for some, millions of Americans would not likely be able to save as much on their own as they would through the “forced retirement planning” of Social Security.</li>
<li>Social Security will never “go broke.” It will always receive money from current workers, every two weeks, to pay for current retirees. Due to falling fertility rates, however, the program will only be able to afford to pay <a href="https://www.ssa.gov/oact/TRSUM/index.html">77% of promised benefits</a> beginning in the 2030s.</li>
<li>According to Social Security expert <a href="https://www.cbpp.org/about/our-staff/kathleen-romig">Kathleen Romig</a>, the guest on this episode, full benefits can continue beyond this point if we remove the taxable earnings cap (currently around $160,000) and increase payroll taxes on employees and employers from the current 6.2% to somewhere around 7% each.</li>
</ul>
On this episode, we play clips of a summer 2021 podcast conversation we had with Social Security expert <a href="https://www.cbpp.org/about/our-staff/kathleen-romig">Kathleen Romig</a> from the Center on Budget and Policy Priorities. Enjoy!
<hr>
The <a href="https://www.connorsforum.org/">Connors Forum</a> is an independent entity from the institutions that we partner with. The views expressed in our newsletters and podcasts are those of the individual contributors alone and not of our partner institutions.
<hr>
Episode Audio:
<ul>
<li>“Please Listen Carefully” by Jahzzar (<a href="https://freemusicarchive.org/">Free Music Archive</a>)</li>
<li>“Star Blessed Night” by Ketsa (<a href="https://freemusicarchive.org/">Free Music Archive</a>)</li>
<li>“Draw the Sky” by Paul Keane (licensed through <a href="https://taketones.com/">TakeTones</a>)</li>
<li>"Reading by Lamplight" by Maarten Schellekens (<a href="https://freemusicarchive.org/">Free Music Archive</a>)</li>
<li>“Happy Trails (To You)” by <a href="https://www.ridersinthesky.com/">the Riders in the Sky</a> (used with artist’s permission)</li>
<li>FDR on Social Security (publicly available on <a href="https://www.youtube.com/watch?v=aVZijG4WSOw">YouTube</a>)</li>
</ul>

The Utterly Moderate Podcast is the official podcast of Connors Institute for Nonpartisan Research and Civic Engagement at Shippensburg University.

The core mission of the Connors Institute is to disseminate high-quality nonpartisan information to the public.

Utterly Moderate is hosted by Lawrence Eppard, a researcher, university professor, and director of the Connors Institute. On each episode, Eppard is joined by a guest (or two or three!) who helps listeners understand important topics by focusing on just the weight of the empirical evidence and none of the unneeded opinions or political agendas. We are aggressively nonpartisan in our approach.

Be sure to visit us at ConnorsInstitute.org to learn more about all that we do!

The <a href="https://connorsinstitute.org/podcast">Utterly Moderate Podcast</a> is the official podcast of <a href="https://connorsinstitute.org/">Connors Institute for Nonpartisan Research and Civic Engagement at Shippensburg University</a>.
The core mission of the Connors Institute is to disseminate high-quality nonpartisan information to the public.
Utterly Moderate is hosted by Lawrence Eppard, a researcher, university professor, and director of the Connors Institute. On each episode, Eppard is joined by a guest (or two or three!) who helps listeners understand important topics by focusing on just the weight of the empirical evidence and none of the unneeded opinions or political agendas. We are aggressively nonpartisan in our approach.
Be sure to visit us at <a href="https://connorsinstitute.org/">ConnorsInstitute.org</a> to learn more about all that we do!

Utterly Moderate Podcast

The <a href="https://connorsinstitute.org/podcast">Utterly Moderate Podcast</a> is the official podcast of <a href="https://connorsinstitute.org/">Connors Institute for Nonpartisan Research and Civic Engagement at Shippensburg University</a>.
The core mission of the Connors Institute is to disseminate high-quality nonpartisan information to the public.
Utterly Moderate is hosted by Lawrence Eppard, a researcher, university professor, and director of the Connors Institute. On each episode, Eppard is joined by a guest (or two or three!) who helps listeners understand important topics by focusing on just the weight of the empirical evidence and none of the unneeded opinions or political agendas. We are aggressively nonpartisan in our approach.
Be sure to visit us at <a href="https://connorsinstitute.org/">ConnorsInstitute.org</a> to learn more about all that we do!

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