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With Social Security reform back in the news, I've been sending out more links to my chapter in @AEI's new book, American Renewal. I promise it's different from the usual stuff on fixing Social Security.
americanrenewalbook.com/rethinking-soc…
americanrenewalbook.com/rethinking-soc…
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Andrew G. Biggs retweeted
Buckley is thrilled to welcome Yale’s @samuelmoyn and AEI’s @biggsag for a Firing Line debate on the best path forward for Social Security.
📅 Wednesday, 11/11
⏰ 4:30pm
📍Rosenfeld Hall GR 109
Learn more 👇
📅 Wednesday, 11/11
⏰ 4:30pm
📍Rosenfeld Hall GR 109
Learn more 👇
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Andrew G. Biggs retweeted
It says so much about the current state of the GOP that most of its leaders are exclusively blaming immigration for what's going on in France, while remaining silent about how excessive public benefits for retirees and over-regulated labor markets have bankrupted the country.
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Andrew G. Biggs retweeted
There is literally no reason to keep transferring retired millionaires so much money, other than fear of their political power.
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Andrew G. Biggs retweeted
Gabriel Zucman @gabriel_zucman has now for the third time criticized our research on California’s proposed billionaire tax, claiming we have provided “no answer” to his criticisms.
x.com/gabriel_zucman…
We have actually already responded twice on this platform, but let’s address his arguments once more in detail, with the hope that third time’s the charm. 1/14
x.com/gabriel_zucman…
We have actually already responded twice on this platform, but let’s address his arguments once more in detail, with the hope that third time’s the charm. 1/14
This Hoover Institution study, which has fueled the deluge of ads (more than $200 million spent by billionaires so far) to defeat the California billionaire tax, is spectacularly misleading.
Let me explain its crucial flaw. 🧵Community noteZucman argues that the tax will raise his projected revenue because billionaires who leave CA after 1/1/26 will be taxed anyway.
At least $542B of net worth (Page, Brin, Thiel) departed the state by 12/31/25.
The entire thread is a misleading denial of this fact.
ft.com/content/d66976…
nytimes.com/2026/04/27/us/…
forbes.com/sites/forbeswe…
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Andrew G. Biggs retweeted
I'm thrilled to be launching Econvitals today. It's been the main way in which I have been tracking and understanding the economy over the last several months. And I decided I might as well share it with all of you--for free.
Has a combo of website, email lists & social media.
Has a combo of website, email lists & social media.
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Andrew G. Biggs retweeted
As @CPopeHC and I wrote in @RealClearHealth, Social Security could stay solvent despite changing demographics if benefits didn't automatically increase each year. Or even if they just increased at a slightly lower rate. /3
realclearhealth.com/articles/2024/…
realclearhealth.com/articles/2024/…
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Romina may not agree, but in the past using the chained CPI for the income tax brackets was a trade that could be made for using the chained CPI for Social Security COLAs.
But the chained CPI was adopted for the income tax brackets as a budget offset in the 2018 TCJA. Maybe that made sense as policy. But it also took a relatively straightforward potential bipartisan trade off the table.
But the chained CPI was adopted for the income tax brackets as a budget offset in the 2018 TCJA. Maybe that made sense as policy. But it also took a relatively straightforward potential bipartisan trade off the table.
🧵Congress adjusts tax brackets with a more accurate inflation measure than the one used for benefit programs like Social Security, SSI, SNAP, and Medicaid. That inconsistency will cost taxpayers more than $270 billion over the next decade.
👇
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Andrew G. Biggs retweeted
Self-reported retirement income security, from the 2025 Survey of Consumer Finances.
Since 1992, there's been a dramatic reduction in the share of retirees reporting very low incomes and a similarly dramatic increase in seniors saying they are financially comfortable.
In id they could at least maintain their pre-retirement standard of living, versus 61% in 1992.
Since 1992, there's been a dramatic reduction in the share of retirees reporting very low incomes and a similarly dramatic increase in seniors saying they are financially comfortable.
In id they could at least maintain their pre-retirement standard of living, versus 61% in 1992.
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Andrew G. Biggs retweeted
I wrote an op-ed.
States are boosting high school graduation rates by lowering the standards required to earn a diploma, with serious unintended consequences. Credentials only have value if they signify real knowledge and skills.
the74million.org/article/lies-d…
States are boosting high school graduation rates by lowering the standards required to earn a diploma, with serious unintended consequences. Credentials only have value if they signify real knowledge and skills.
the74million.org/article/lies-d…
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I have a project in the works comparing the national pension systems of OECD countries along a variety of characteristics (average benefits; progressivity of benefits; how high up the earnings ladder taxes are levied, etc).
The system Social Security most closely resembles is Germany's, which isn't crazy given that Bismarck is credited with the structure.
If we removed the payroll tax ceiling, as some suggest, Social Security might more closely resemble France's programs.
What Social Security doesn't particularly resemble is the retirement systems of other countries that are in most other respects most similar to the US: the UK, Canada, Australia, etc.
The system Social Security most closely resembles is Germany's, which isn't crazy given that Bismarck is credited with the structure.
If we removed the payroll tax ceiling, as some suggest, Social Security might more closely resemble France's programs.
What Social Security doesn't particularly resemble is the retirement systems of other countries that are in most other respects most similar to the US: the UK, Canada, Australia, etc.
@clairlemon @grok is americas social security system similar?
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RT @JessicaBRiedl: NEW from me is a major Brookings Institution study, “The Progressive Case for Social Security and Medicare Reform."
It…
It…
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Andrew G. Biggs retweeted
The way you pay for the welfare state is by imposing taxes on the middle class
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With the announcement of a 3.6% Social Security COLA, it's worth noting that changes to COLAs have been proposed to help Social Security remain solvent.
Back in 2015, I argued for a progressive 3-tier COLA: increase COLAs at the bottom; retain the CPI-W in the middle; and use at the top.
Since then others, like @crfb, have proposed different (and probably better) progressive COLA adjustments.
Come the trust fund's exhaustion in 2032, Social Security will need to generate savings, and quickly. COLA reductions for high-income beneficiaries could do that.
nationalreview.com/2015/11/save-s…
Back in 2015, I argued for a progressive 3-tier COLA: increase COLAs at the bottom; retain the CPI-W in the middle; and use at the top.
Since then others, like @crfb, have proposed different (and probably better) progressive COLA adjustments.
Come the trust fund's exhaustion in 2032, Social Security will need to generate savings, and quickly. COLA reductions for high-income beneficiaries could do that.
nationalreview.com/2015/11/save-s…
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Andrew G. Biggs retweeted
“People save over the course of their lives. Their savings tend to increase. And so, your net worth is going to be highest in retirement, when you’ve completed your saving,” says AEI’s @biggsag in @USATODAY
usatoday.com/story/money/pe…
usatoday.com/story/money/pe…
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Andrew G. Biggs retweeted
The very richest couples will get $4,200 in COLAs, or $3,600 if they collected at the normal retirement age.
Capping COLAs at (say) $1,000 per beneficiary is an imminently reasonable idea that would save money and extend the life of the trust fund.
Capping COLAs at (say) $1,000 per beneficiary is an imminently reasonable idea that would save money and extend the life of the trust fund.
🚨 📣 COLA Announcement 📣 🚨
Social Security beneficiaries will enjoy a 3.6% COLA next year - a point above projections.
That’s good news for seniors today, but it’s bad news for the Social Security program and for ongoing inflation spiral risk.
🔗 to follow
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Self-reported retirement income security, from the 2025 Survey of Consumer Finances.
Since 1992, there's been a dramatic reduction in the share of retirees reporting very low incomes and a similarly dramatic increase in seniors saying they are financially comfortable.
In id they could at least maintain their pre-retirement standard of living, versus 61% in 1992.
Since 1992, there's been a dramatic reduction in the share of retirees reporting very low incomes and a similarly dramatic increase in seniors saying they are financially comfortable.
In id they could at least maintain their pre-retirement standard of living, versus 61% in 1992.
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Andrew G. Biggs retweeted
Received my case of paperback versions of Taking Religion Seriously, just out. Both the hardback and paperback are now priced at under $20. And Christmas is coming. Halloween, too.
amazon.com/Taking-Religio…
amazon.com/Taking-Religio…
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Andrew G. Biggs retweeted
Here's the link to the "Promises to Keep" panel: youtu.be/fvHORNcALxc
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My pet theory: AI could do a decent job composing certain types of very structured music.
Where I'm less sure is whether AI can write an ear-worm type of pop song; very simple, but with a hook that you can't forget.
Where I'm less sure is whether AI can write an ear-worm type of pop song; very simple, but with a hook that you can't forget.
Claude Opus 5.5 writes a fugue for three voices. This piece was rated the second-most enjoyable track on the AI music detection quiz (just behind Bach). 72% of respondents identified it as being human-written.
Prompt: “In LilyPond, write a 3-voice fugue for harpsichord in the High effort)
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