Social Security reform: new AICPA white paper explains alternatives, issues.

• Position: National

The AICPA released a comprehensive analysis of the factors that should be considered for Social Security reform. The report presents unbiased facts on the degree of the Social Security program's financial problem and the impacts on the economy and society.

The AICPA urges policymakers and the public to gain an ongoing and clear understanding of the economic and social ramifications affecting Social Security reform before taking a specific position on the issue.

The catalyst for the AICPA report is the Social Security Administration's estimate that the Social Security Trust Fund balance will peak in 2028 and be exhausted by 2041. Benefits will then be limited to the current cash flow into the system. According to some current actuarial calculations, the Trust Fund will need an additional $3.5 trillion to pay anticipated future benefits over the next 75 years.

The report, available electronically at www.aicpa.org/members/socsec.htm, includes:

* The current...