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Securing Social Security for the Future

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Author Info

  • Stiglitz Joseph

    (Columbia University)

Abstract

The funding troubles of Social Security have been greatly exaggerated in an effort to push a privatization agenda. Privatization has laudable goals—increased choice and higher returns—but few would choose to risk their secure retirement income and unfortunately higher returns cannot be achieved without risk. Regrettably, if private accounts really do offer a lot of choices, many people who cannot afford to do so will unwittingly risk their incomes; and, in many cases, a combination of this risk and high transaction costs will consume what should be their core retirement income. When the government picks up the pieces, the funding troubles will be worse, not better.

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File URL: http://www.degruyter.com/view/j/ev.2005.2.1/ev.2005.2.1.1038/ev.2005.2.1.1038.xml?format=INT
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Bibliographic Info

Article provided by De Gruyter in its journal The Economists' Voice.

Volume (Year): 2 (2005)
Issue (Month): 1 (February)
Pages: 1-7

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Handle: RePEc:bpj:evoice:v:2:y:2005:i:1:n:5

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Web page: http://www.degruyter.com

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Cited by:
  1. Schmähl, Winfried, 2007. "Soziale Sicherung im Lebenslauf: finanzielle Aspekte in längerfristiger Perspektive am Beispiel der Alterssicherung in Deutschland," Working papers of the ZeS 09/2007, University of Bremen, Centre for Social Policy Research (ZeS).
  2. Kurt Hornschild & Stephan Raab & Jörg-Peter Weiß, 2005. "Die Medizintechnik am Standort Deutschland: Chancen und Risiken durch technologische Innovationen, Auswirkungen auf und durch das nationale Gesundheitssystem sowie potentielle Wachstumsmärkte im Ausl," DIW Berlin: Politikberatung kompakt, DIW Berlin, German Institute for Economic Research, edition 2, volume 10, number pbk10.
  3. Mejra Festić & Jože Mencinger, 2009. "The Perspective of Pension System Reforms in the New Member States," Prague Economic Papers, University of Economics, Prague, vol. 2009(4), pages 291-308.

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