Across the political spectrum, many legislators and policymakers recognize that Social Security funding will not sufficiently meet demand in the coming years.
This weekend, Crimson Hexagon’s founder and chief scientist, Dr. Gary King, published an article in the New York Times Sunday Review with a sobering message: “It’s Worse Than You Think.”
King, apart from his Crimson Hexagon role, is a professor of government and director of the Institute of Quantitative Social Science at Harvard University, and Samir S. Soneji, assistant professor at the Dartmouth Institute for Health Policy and Clinical Practice, first published their statistical analysis of Social Security in the journal Demography.
While warning that Social Security Administration’s trust funds will run out of money earlier than expected, they make an argument that the Federal government should employ statistical methods and predictions using big data.
They write, “Remarkably, since Social Security was created in 1935, the government’s forecasting methods have barely changed, even as a revolution in big data and statistics has transformed everything from baseball to retailing.”
In a conversation on Wisconsin Public Radio’s The Joy Cardin Show, King further explained his statistical predictions and the various options for funding Social Security.
Dr. Gary King created the algorithm behind Crimson Hexagon’s social media listening platform through his statistical social science research.
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