Social Security Needs a Rebound | Beaufort County Now | Mattie Duppler explains in a Washington Examiner column why the future of Social Security depends on an economic rebound. | john locke foundation, social security, rebound, future of social security, july 23, 2020

Coronavirus Disease 2019 (COVID-19)

Social Security Needs a Rebound

Publisher's note: The author of this post is Mitch Kokai for the John Locke Foundation.

    Mattie Duppler explains in a Washington Examiner column why the future of Social Security depends on an economic rebound.

  • Like many aspects of today's fiscal environment, trends that were worrisome before the pandemic have been accelerated by the unprecedented nature of today's crisis. This is true of Social Security, the looming funding imbalance of which has the potential to be exacerbated by an increased number of claimants and a decrease in revenues due to depressed economic activity.
  • The uncertain economic environment makes the debate over how to save Social Security that much more important. Trade-offs must be made, but the acute contraction of the employment landscape dictates that so-called solutions that harm employment will serve to undermine the nation's economic recovery as well as the lasting health of Social Security.
  • With millions of people out of work and the infection rate remaining unsteady, it is obvious that the pandemic still requires a deliberate, targeted, and hopefully temporary response from lawmakers. Legislation that addresses Social Security's funding shortfalls with permanent and damaging tax increases, or uses the crisis as a pretext to expand benefits through a program that already faces durable fiscal imbalances, would undermine the nascent recovery.
  • The ways in which the health of the workforce and the health of Social Security are inextricably linked are manifold.
  • First, downturns tend to increase dependence on social programs at a time when revenues fall, presenting dual pressures on solvency. In the case of Social Security, which relies on employment taxes, the scenario can be more worrisome: Data shows there are still 32 million people claiming some form of unemployment support, which represents tens of millions of workers not currently paying Social Security taxes.
  • Removing barriers for getting workers back to work then is key, both for the financial health of Social Security and for workers.



HbAD0

Latest Op-Ed & Politics

The leftwing nuts hate Trump and now the hate anyone who supported Trump. Next is Franklin Graham
She is tiny in frame, only 4 feet, 8 inches tall, but Sherry-Lynn Womack, a Lee County School board member who is starting her second term, is standing tall against a liberal driven backlash for exercising her First Amendment rights.
Before he left office, former President Donald Trump ordered the Secret Service to continue protecting his children for the next six months.
As North Carolina prepares to celebrate National School Choice Week Jan. 24-30, the cause of educational freedom could see even more advancement during the North Carolina General Assembly’s 2021-2022 session.
Is the “Jet Pack Guy” who has been spotted several times flying miles in the sky near Los Angeles airport really a “guy”? Or is it just a drone dressed up to look like a guy?
Governor Roy Cooper has appointed William “Bill” Wolfe to serve as a Superior Court Judge in Judicial District 7C, serving Edgecombe and Wilson counties.

HbAD1

Get a good cup of coffee and decompress with The Wolfman as he gives us his account of what really happened on the ground in DC. This is an exclusive series that will not be found anywhere but BCN.
A recent examination by the Tax Foundation shows North Carolina’s high net migration rate may be due to its friendly tax climate.
Mark Zuckerberg of Facebook has now joined the ranks of those of us who have created moderated informational platforms that act as a hybrid publication.
President Donald Trump pardoned and commuted the sentences of dozens of people during his final hours in office this week.
The great gift this Christmas was that help was on the way. The vaccine was a welcome gift 10 months into the pandemic. It is no exaggeration that North Carolina’s vaccination rollout started poorly.
Here's an explanation of why Mitch McConnell stabbed Donald Trump in the back
He thinks it's clearly unconstitutional to try a man already out of office.

HbAD2

We will offer this allotment of three with more to come; some old, most new, but all quite informative, and, moreover, necessary to understanding that in North Carolina, there is a wiser path to govern ourselves and our People.
Fake President war on history. Wonder who told him what to do
Last week, Rep. Liz Cheney (R-WY), who is the third-highest ranking House Republican, broke with her party last week when she was one of ten Republicans to vote with Democrats in impeaching President Donald Trump.
Collin Anderson of the Washington Free Beacon highlights the Biden climate team’s latest bizarre pronouncements.
On Saturday, December 12, 2020 at about 5:00 pm Beaufort County Deputies were called to check the welfare of a woman living at 1117 NC 171 Hwy N, Washington.
David Hogberg writes for the Washington Examiner about the new president’s plan to reverse recent health care reforms.
Democrat Joe Biden was sworn in as the 46th president of the United States Wednesday, just before 12 pm EST, taking the oath of office on the United States Capitol steps.
Republican strategist Karl Rove spoke out over the weekend to warn that Donald Trump will be convicted in the Senate by a bipartisan vote if he continues to claim that election fraud took place.

HbAD3

 
Back to Top