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Nov 26, 2024 | 
wsj.com | John F. Cogan
Excessive spending has been a way of life for lawmakers in Washington for more than half a century. Since 1969 federal outlays have exceeded revenue every year, except briefly during the high-tech bubble of the late 1990s. Elon Musk and Vivek Ramaswamy’s Department of Government Efficiency will attempt to put an end to this fiscal profligacy. Both men will soon discover that the root cause of this problem lies with the federal government’s abandonment of federalism in fiscal matters.
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Nov 26, 2024 | 
wsj.com | John F. Cogan
WSJ Opinion: Elon Musk Takes On Uncle SamYour browser does not support HTML5 video. 0:00Paused0:00 / 5:30WSJ Opinion: Elon Musk Takes On Uncle SamPlay video: WSJ Opinion: Elon Musk Takes On Uncle SamExcessive spending has been a way of life for lawmakers in Washington for more than half a century. Since 1969 federal outlays have exceeded revenue every year, except briefly during the high-tech bubble of the late 1990s.
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Nov 24, 2024 | 
hoover.org | John F. Cogan
MyHoover delivers a personalized experience at Hoover.org. In a few easy steps, create an account and receive the most recent analysis from Hoover fellows tailored to your specific policy interests. Watch this video for an overview of MyHoover. Create Account
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Nov 9, 2023 | 
wsj.com | John F. Cogan |Daniel L. Heil
Wednesday’s Republican presidential debate confirmed that the issue of Social Security reform isn’t going away. But missing from the debate is some important context: The good life for senior citizens has never been better. Newly released Federal Reserve data reveal that seniors’ financial well-being is the best in U.S. history. Private markets and individual initiative, not Social Security, have been the driving forces behind seniors’ high income and wealth.
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Nov 8, 2023 | 
hoover.org | John F. Cogan |Daniel L. Heil
MyHoover delivers a personalized experience at Hoover.org. In a few easy steps, create an account and receive the most recent analysis from Hoover fellows tailored to your specific policy interests. Watch this video for an overview of MyHoover. Create Account
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Oct 17, 2023 | 
aei.org | Andrew Biggs |John F. Cogan |Daniel L. Heil
December 20, 1977. If not a date that will live in infamy, it is the date on which a Social Security funding crisis was made inevitable. Had Congress acted differently on that day, by adopting the unanimous recommendations of a congressionally appointed expert panel, Social Security’s $22 trillion funding shortfall would not exist, and retirees would not face a 20 percent benefit cut when Social Security’s trust fund runs dry in 2034.
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Oct 17, 2023 | 
thehill.com | Andrew Biggs |John F. Cogan |Daniel L. Heil
December 20, 1977. If not a date that will live in infamy, it is the date on which a Social Security funding crisis was made inevitable. Had Congress acted differently on that day, by adopting the unanimous recommendations of a congressionally appointed expert panel, Social Security’s $22 trillion funding shortfall would not exist, and retirees would not face a 20 percent benefit cut when Social Security’s trust fund runs dry in 2034.
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Oct 9, 2023 | 
hoover.org | John F. Cogan |Daniel L. Heil
Abstract: This paper examines the long-term impact of Congress’ 1977 decision to wage index initial Social Security benefits. We use the Survey of Consumer Finances to address the question of how senior household incomes and the Social Security Trust Fund’s financial status would have fared had Congress chosen different methods of indexing initial Social Security benefits. We perform a retrospective analysis of two alternative price-indexing methods.
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Feb 15, 2023 | 
hoover.org | John F. Cogan |Daniel L. Heil
CLICK HERE TO DOWNLOAD .PDFThe growing number of retirees is placing a well-documented strain on the federal budget. Less recognized is the substantial growth in senior citizens’ income levels. Using the Survey of Consumer Finances, this paper tracks the remarkably strong income growth in households headed by persons age sixty-five and older during the last four decades. The strong growth in seniors’ incomes provides the basis for a comprehensive reexamination of federal retirement policies.
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Feb 15, 2023 | 
hoover.org | Jonathan Rodden |John F. Cogan |Daniel L. Heil |Lanhee Chen
John B. Taylor George P. Shultz Senior Fellow in Economics Learn more John B. Taylor George P. Shultz Senior Fellow in Economics John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy, co-chairs the Hoover Technology, Economics and Governance Working Group, and is director of Stanford’s Introductory Economics Center.
