Monday, August 6, 2018

Rutger Law's Reid Weisbord Proposes "Postmortem Austerity" Measures


Professor Reid Weisbord
, who serves as vice dean and the Judge Norma L. Shapiro Scholar at Rutgers Law School in Newark, has a new and very timely essay posted on  Stanford Law Review OnlineWeisbord_imgThe provocative premise should certainly spark responses! 

From the abstract:

This Essay proposes a novel policy of "postmortem austerity" to address the unsustainable, rapidly escalating cost of federal entitlement programs following the 2017 tax reforms. If Social Security and Medicare continue on their current path to insolvency, then they will eventually require austerity reforms absent a politically unpopular tax increase.

 

This Essay argues that, if austerity becomes necessary, federal entitlement reforms should be implemented progressively in a manner that minimizes displacement of benefits on which individuals relied when saving for old age. A policy of postmortem austerity would establish new eligibility criteria for Social Security and Medicare that postpone the effective date and economic consequences of benefit ineligibility until after death.

 

All individuals would continue to collect federal entitlements during life, but at death, wealthy decedents would be deemed retroactively disqualified from part or all of Social Security and Medicare benefits received during life. The estates of such decedents would then be liable for repayment of disqualified benefits.

For the full essay, read Postmortem Austerity and Entitlement Reform, published July 16, 2018.

http://lawprofessors.typepad.com/elder_law/2018/08/rutger-laws-reid-weisbord-proposes-postmortem-austerity-measures.html

Current Affairs, Estates and Trusts, Ethical Issues, Medicaid, Medicare, Social Security, State Statutes/Regulations | Permalink

Comments

Obviously the thinking of Stanford's Hoover Institution has infected the thinking of editors of the Law School Review. If one is interested in options that are "hidden in plain sight," look elsewhere to discover Congressional obligations to repay the billions borrowed from both Trust Funds, remove the economic ceiling on Social Security contributions (which protect high earners), reverse Trump tax cuts for the wealthy and be surprised that even the Koch Brothers are now talking of "Medicare for all."

Posted by: Ron Hammerle | Aug 6, 2018 6:06:26 AM

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