Bernstein has served as a principal consultant to the National Commission on Social Security Reform.
People can lose their shirts.
However, Bernstein does support the panel's suggestion of the system itself investing some Social Security funds. Contrary to recent doomsday scenarios, Bernstein believes Social Security can easily meet its payroll commitments until 2029 and partial benefits thereafter. His research supports the panel's estimate that an additional 2.17 percent is needed to meet Social Security's needs and agrees with similar findings by Social Security trustees last summer. To assure full benefits until 2070, Bernstein says, Social Security merely needs additional income amounting to about 2 percent of payroll - half from employees and half from employers.