Title page 1

Contents 1

EXECUTIVE SUMMARY 1

INTRODUCTION 2

SOCIAL SECURITY IN CRISIS 3

SOCIAL SECURITY REFORM OPTIONS INSPIRED BY OTHER COUNTRIES 7

CONCLUSION 10

Figures 4

Figure 1. Worker-to-beneficiary ratio has declined sharply since 1950 4

Figure 2. Largest share of Social Security payments goes to individuals with adjusted gross income over $100,000 5

Figure 3. The government will borrow $4 trillion to cover Social Security's cash-flow deficits from 2010 to 2032 6

Figure 4. Social Security's cash-flow shortfalls are projected to add $5.5 trillion in deficits from 2010 to 2033 6