Word: gramlich
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Dates: during 1990-1999
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...their greater stability. But all agree that something must be done, and soon: while the fund is currently operating at a surplus, the retirement of millions of Baby Boomers will exhaust it by the year 2029 if no changes are made. In releasing the final report, panel chair Edward Gramlich stressed that whatever solutions prove acceptable, something must be done: "We must begin to evaluate our options now to assure the American people that the program can continue to be financially solvent for future generations...
...recommendations begin this week anyway. Split on the specifics, the 13-member panel is nonetheless unanimous on the need for radical change. "If we stick to the plain old pay-as-you-go system, we'll have to raise taxes or cut benefits," says the group's chairman, Edward Gramlich, dean of the University of Michigan's public-policy school. "Either way, the system becomes an even worse deal for young people...
...five percentage points of the 6.2% of paychecks currently paid in Social Security payroll taxes. The same split would apply to employer contributions, but the employer's 5% would finance a flat Social Security benefit of about $400 a month in current dollars. The remaining two panelists, including chairman Gramlich, would gradually scale back benefits and create mandatory retirement accounts with a new 1.6% contribution on top of the current payroll...