Prospects for Social Security Reform

The United States social security system is the nation's largest social insurance program. As such, it has a far—reaching impact throughout the economy, influencing not only old—age economic security but also many behaviors, including corporate employment policy, retirement patterns, and personal saving. In the past, the system's universal coverage and generous benefits ensured popular support to a degree enjoyed by no other form of "big government" social spending.

Yet over two—thirds of al...