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Social Security Privatization: What Are the Issues?

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  • Mariger, Randall P.

Abstract

The purpose of this paper it to help better focus the Social Security privatization debate on pertinent issues. It is shown that retirement systems based either on mandatory private retirement accounts or on traditional publicly administered defined benefits can be designed so as to have similar implications for national saving and the adequacy of overall retirement incomes. The paper then turns to two issues that distinguish the two alternative retirement system types: the distribution of capital income risk across individuals and possible political impediments to prefunding retirement consumption in government accounts. The economic effects of investing all or part of the Social Security trust fund in equities are also analyzed.

Suggested Citation

  • Mariger, Randall P., 1999. "Social Security Privatization: What Are the Issues?," National Tax Journal, National Tax Association;National Tax Journal, vol. 52(4), pages 783-802, December.
    • Handle: RePEc:ntj:journl:v:52:y:1999:i:4:p:783-802
    DOI: 10.1086/NTJ41789431
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    References listed on IDEAS

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    1. Martin Feldstein, 1995. "Would Privatizing Social Security Raise Economic Welfare?," NBER Working Papers 5281, National Bureau of Economic Research, Inc.
    2. Laurence J. Kotlikoff, 1996. "Privatization of Social Security: How It Works and Why It Matters," NBER Chapters, in: Tax Policy and the Economy, Volume 10, pages 1-32, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Shinichi Nishiyama & Kent Smetters, 2007. "Does Social Security Privatization Produce Efficiency Gains?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(4), pages 1677-1719.
    2. Maria I. Marika Santoro, 2009. "The CBO Infinite-Horizon Model with Idiosyncratic Uncertainty and Borrowing Constraints: Working Paper 2009-03," Working Papers 41375, Congressional Budget Office.
    3. Shinichi Nishiyama & Kent Smetters, 2005. "Does Social Security Privatization Produce Efficiency Gains? Working Paper 2005-04," Working Papers 16442, Congressional Budget Office.

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