Presidential candidate Joe Biden’s campaign has released a substantial list of policy proposals. PWBM finds that over the 10-year budget window 2021 – 2030, the Biden platform would raise $3.375 trillion in additional tax revenue and increase spending by $5.37 trillion. Including macroeconomic and health effects, by 2050 the Biden platform would decrease the federal debt by 6.1 percent and increase GDP by 0.8 percent relative to current law. Almost 80 percent of the increase in taxes under the Biden tax plan would fall on the top 1 percent of the income distribution. Please see our analysis of the estimate for more information on the proposals.
The Impact of the Coronavirus Pandemic on Social Security’s Finances
PWBM projects that the ongoing coronavirus pandemic reduces the OASDI trust fund depletion date by four years, from 2036 to 2032, under the “U-shaped” recession projected by PWBM. If the recovery is faster (“V-shaped”), the trust depletion date falls by two years, from 2036 to 2034. The conventionally-measured OASDI 75-year actuarial balance worsens between 0.07 and 0.13 percent of future payroll.
The Sanders Plan for Social Security
We estimate the effects on Social Security's finances and the economy of Senator Bernie Sanders' Social Security plan. Detailed summaries of the proposals in the plan can be found in our analysis of the estimate.
The Biden Plan for Social Security
We estimate the effects on Social Security's finances and the economy of Former Vice President Joe Biden's Social Security plan. Detailed summaries of the proposals in the plan can be found in our analysis of the estimate.
Raising the Social Security Taxable Maximum
We estimate the budgetary, economic and distributional effects of raising the OASDI taxable maximum to $300,000. The policy would be enacted on January 1st, 2021.
The Social Security 2100 Act
Please see our previously published analysis.
Options to Return Social Security to Financial Balance
Please see our previously published analysis.