Andrew Biggs, former deputy commissioner as the Social Security Administration azalyzes Senator Obama's plan for Social Security in an op-ed today in the Wall Street Journal.
Mr. Biggs writes:
"The problem is two-fold: His proposal would be a very large tax hike, yet it won't be enough."
"Mr. Obama's plan fixes less than half of Social Security's long-term deficit, making further tax increases inevitable. The Policy Simulation Group's Gemini model estimates that Mr. Obama's proposal, if phased as Mr. Obama suggests, would solve only part of the problem. A 10 year phase-in, for example, would address only 43% of Social Security's 75-year shortfall. And this is assuming that Congress would save the surplus from the tax increases -- almost $600 billion over 10 years -- rather than spending it, as Congress does now."
