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Social Security Liabilities

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  • Edward M. Gramlich

    (Board of Governors of the Federal Reserve System)

Abstract

This paper reviews the long-term financial problems facing the U.S. Social Security system. Not only is the system out of long-term actuarial balance, but implicit rates of return on worker contributions are low and dropping. The paper discusses different approaches for dealing with the twin problems suggested by the 1994-1996 Advisory Council on Social Security, ending with a case for a middle-of-the-road approach featuring modest long-term benefit cuts and small, centrally managed, add-on individual accounts. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1006/redy.1999.0064
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Bibliographic Info

Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 2 (1999)
Issue (Month): 3 (July)
Pages: 489-497

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Handle: RePEc:red:issued:v:2:y:1999:i:3:p:489-497

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Cited by:
  1. Klaus-J├╝rgen Gern, 2002. "Recent Developments in Old Age Pension Systems: An International Overview," NBER Chapters, in: Social Security Pension Reform in Europe, pages 439-478 National Bureau of Economic Research, Inc.

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