America's retirement system, designed decades ago, no longer meets the needs of the majority of retirees. While it once thrived on pensions and robust support for the middle-class worker, the current landscape has shifted dramatically. Private pensions are nearly extinct, Social Security faces solvency issues, people are living longer, and healthcare costs continue to rise. The result? Many retirees face the agonizing choice between buying essentials and affording prescription medications.
Today's guests, Martin Neil Baily and Benjamin H. Harris, discuss reforming America's retirement system. They address how America's current retirement system has affected individuals and the economy, the critical flaws and challenges that necessitate reform, and how these sensible solutions enhance retirement security and financial stability.
They also discuss what role policymakers, employers, and individuals play in supporting these reforms, how potential roadblocks to reform can be effectively addressed, and how the public can support meaningful retirement system reforms.
Martin Neil Baily and Benjamin H. Harris are respected economists with extensive experience in both academia and government. Baily, a Senior Fellow Emeritus at the Brookings Institution, served as Chairman of the Council of Economic Advisers under President Clinton. Harris, a former economic adviser to President Joe Biden, currently holds the position of Assistant Secretary of the Treasury for Economic Policy.