GAO Report on need to reform Social Security-

GAO Report on need to reform Social Security-

<snip>The Chairman of the House Budget Committee asked GAO to discuss the need for Social Security reform. This testimony addresses the nature of Social Security ’s long ­term financing problem and why it is preferable for Congress to take action sooner rather than later. This testimony also notes the broader context in which reform proposals should be considered and the criteria that GAO has recommended as a basis for analyzing any Social Security reform proposals. However, financial stability should not be the only consideration when evaluating reform proposals. Other important objectives, such as balancing the adequacy and equity of the benefits structure and various administrative and operational issues need to be considered. Furthermore, any changes to Social Security should be considered in the context of the broader challenges facing our nation such as the changing nature of the private pension system, escalating health care costs, and the need to reform Medicare and Medicaid. <snip>


Summary is at
http://www.gao.gov/highlights/d05318thigh.pdf

Full report (28 pages) is at http://www.gao.gov/new.items/d05318t.pdf