Should We Phase Out Social Security?
Summary
In this Open to Debate episode, economists Romina Baccia and Teresa Ghilarducci clash over whether to phase out Social Security. Baccia argues the system is an unsustainable, regressive wage-replacement program that should be replaced by a targeted anti-poverty floor, allowing workers to save independently. Ghilarducci counters that Social Security is a vital, popular family insurance program that prevents elderly poverty, noting that private retirement systems have failed to provide adequate security. The debate also explores incremental reforms, such as raising the earnings cap and adjust…
Topics discussed
Intro: The debate on phasing out Social Security
Introduction of host John Donvan and guests
Romina Baccia argues for phasing out Social Security
Teresa Golanducci argues against phasing out Social Security
Guest backgrounds and personal motivations
Debate on the origin and nature of the program
Discussion on insurance vs. welfare and international models
Feasibility of individual savings and retirement accounts
Sponsor break: American Nurses Association New York
Mark's question: Incremental changes to the program
Gopi Shah-Goda on outdated rules and spousal benefits
Zach's question: Impact on marriage and fertility
Nick's question: Economic growth and trade-offs
Romina Baccia's closing statement
Teresa Golanducci's closing statement
Host wrap-up and acknowledgments
Sponsor break: Monday.com
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