Different Approaches for Dealing with Social Security
AbstractThis paper discusses the report of the 1994 Quadrennial Advisory Council on Social Security, of which the author was chair. The system is out of long-term actuarial balance and, as a maturing defined benefit pay-as-you-go system, is giving younger cohorts ever lower returns on their payroll contributions. The council suggested three approaches--each of which involves higher national saving and a way to get some retirement funds invested in equities. One of these approaches preserves the present benefit structure, one shifts to large-scale individual accounts, and one is a hybrid.
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Bibliographic InfoArticle provided by American Economic Association in its journal Journal of Economic Perspectives.
Volume (Year): 10 (1996)
Issue (Month): 3 (Summer)
Other versions of this item:
- Gramlich, Edward M, 1996. "Different Approaches for Dealing with Social Security," American Economic Review, American Economic Association, vol. 86(2), pages 358-62, May.
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
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- Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
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