Blogging Employee Benefits

February 13, 2006

CBO Reports on LMS Social Security Reform Plan

Filed under: Social Security — Fuguerre @ 9:44 pm

Total Social Security benefits would be slightly lower than under current law through 2035 under the Liebman-MacGuineas-Samwick (LMS) Nonpartisan Social Security Reform Plan, according to a CBO report on the proposal. Benefits under the LMS plan would then approximately equal benefits under the current system through 2052. The CBO report also projects that the LMS plan’s benefit reductions and revenue increases would generally improve federal budget balances, although federal budget deficits would increase in early years under the plan as redirection of payroll taxes to individual accounts would appear as budget outlays. [Long-Term Analysis of the Liebman-MacGuineas-Samwick Proposal, CBO, 2/8/06]

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