‘Inherent bias’ creates rosy forecasts that seriously overstate system’s health.
A new study has revealed “biased” forecasts by the U.S. Social Security Administration, suggesting the health of the system millions of Americans are depending on for their retirement is seriously overstated.
The study was published Friday in the Journal of Economic Perspectives, co-authored by Harvard Professor Gary King, a Ph.D. student at Harvard’s Institute for Quantitative Social Science; and an assistant professor at the Dartmouth Institute for Health Policy & Clinical Practice.
“Pretty much everybody who evaluates Social Security realizes there’s a problem … But the system is in significantly worse shape than their forecasts are indicating,” King told the Harvard Gazette.
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