Social Security was a cornerstone of the mid‐century social contract that led to broadly shared prosperity in the three decades following World War II. Since the 1970s, economic shifts and a neo‐liberal turn in economic, labor‐market, and tax policy have led to a declining labor share of national income as well as levels of income and wealth inequality that are extreme both in historical and comparative context. Decades of slow and unequal wage growth have led to a projected retirement income crisis for today's workforce. This cannot be addressed through expansion of tax‐expenditures on individual saving, which actually serve to exacerbate inequality. This article argues that while Social Security's contribution and benefit structure were adequate through the 1970s, they now need to be updated to reflect changes in the economy since then. To account for slow and unequal wage growth, Social Security benefits should be expanded and the system's tax cap eliminated. And to account for the stark and growing inequality of income from capital, investment income should be incorporated into the system's contribution and benefit base, and the estate tax restored to its 2000 level and dedicated to Social Security. These reforms would position Social Security to be the cornerstone of a new social contract for the twenty‐first century.

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This report presents policy options for a new social insurance program – akin to Social Security or Medicare – that would provide an integrated approach to protecting against the risk of needing to provide or receive care across the lifespan: Universal Family Care. The program would allow individuals and families to access caregiving supports at various points throughout the life course, from the arrival of a child to end-of-life care for a family member or oneself. The program covers three specific caregiving needs: long-term services and supports, paid leave, and early child care and education. This report identifies key design questions for states to consider in crafting a UFC program, outlines a range of vetted approaches, and describes the building blocks and tradeoffs involved. This analysis was developed during a year of deliberations by a Study Panel of 30 experts in care policies from a variety of perspectives.

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The fundamental LTSS financing problem today is the absence of an effective insurance mechanism. To achieve universal coverage, social insurance is required. This report identifies key design questions for states to consider in crafting an LTSS social insurance program, outlines a range of vetted approaches states could adopt, and describes the building blocks and tradeoffs associated with these options. This analysis was developed during a year of deliberations by a Study Panel of 15 experts in LTSS with a variety of perspectives. States must answer two critical first-order questions. First, who is the program seeking to help – only the elderly, or all people with disabilities? Only those who start paying into the program now, or current retirees as well? Second, how will the program be financed – through a payroll tax, an income tax, or some other dedicated revenue source? Additional considerations follow from these two overarching questions.