Brookings Institution Social Security Plan
The Brookings Institution, a moderate-to-liberal Washington, D.C., think tank in December 2003 released a Social Security reform plan that includes a provision that would require state and local workers to join Social Security to help the program achieve long-term financial solvency. While most public employees are in Social Security, about 5 million are not and the creators of the Brookings plan say that bringing them into the program would "ensure that eventually all workers bear a portion of the cost of the benefits paid out to earlier generations." Many public pension officials and members worry, though, that this would have a negative effect on the financial security of their funds, on public employee retirement benefits and, even, on state and local finances. The Brookings plan would also rely on benefit cuts and tax increases to eliminate Social Security's unfunded liability. For a brief summary of the proposal, click here. For a more in-depth look at the proposal, click here.
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