Bob Pozen knows how to fix Social Security, even after the United States falls off the new fiscal cliff—and the U.S. will fall, on March 1 to be exact, predicts the Harvard Business School senior lecturer and Brookings Institution fellow.
The solution is simple, and it doesn't involve raising taxes, the former MFS Investments chairman told an audience of 800 advisors and wealth managers at the sold-out Investment Management Consultants Association (IMCA) conference in New York on Monday.
What Pozen, the author of six books, proposes instead is increasing the progressivity of the tax code. He believes that going from the current wage indexing of initial benefits to a system of price indexing would provide Social Security the reform needed to wipe away its $8.6 trillion present-value, 75-year deficit.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
