Advanced Search
MyIDEAS: Login to save this article or follow this journal

Social security in an aging society

Contents:

Author Info

  • L. Randall Wray

Abstract

Most of the recent claims that Social Security faces major financial challenges in the years ahead rely on the recognition that the US population is aging. Indeed, the coming wave of baby-boomer retirements plays a continuing role in calls for 'reform' of the program. However, the general aging of the population ensures that the problem will not go away even when that generation passes on. This paper focuses on the demographic trends facing the US (and world)—why is the population aging, and how fast? Will this lead to an intolerable burden on future generations of workers? While most of the public discussion focuses on Social Security's long-term finances, what really matters is whether the economy will be able to produce a sufficient quantity of real goods and services to provide for both workers and dependents in, say, the year 2080. If it cannot, then regardless of Social Security's finances, the real living standards of Americans in 2080 will have to be lower than they are today. Any reforms to Social Security made today should focus on increasing the economy's capacity to produce real goods and services, rather than on ensuring positive actuarial balances. It will be demonstrated that projected demographic changes are surprisingly modest, and can be accommodated at a measured pace with fairly small policy reforms.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600797925
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

Volume (Year): 18 (2006)
Issue (Month): 3 ()
Pages: 391-411

as in new window
Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:391-411

Contact details of provider:
Web page: http://www.tandfonline.com/CRPE20

Order Information:
Web: http://www.tandfonline.com/pricing/journal/CRPE20

Related research

Keywords:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. L. Randall Wray, 1998. "Modern Money," Economics Working Paper Archive wp_252, Levy Economics Institute.
  2. David E. Bloom & David Canning, 2005. "Global Demographic Change: Dimensions and Economic Significance," PGDA Working Papers 0105, Program on the Global Demography of Aging.
  3. Dimitri B. Papadimitriou & L. Randall Wray, . "Does Social Security Need Saving? Providing for Retirees throughout the Twenty-first Century," Economics Public Policy Brief Archive ppb_55, Levy Economics Institute.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Tobias A. Jopp, 2011. "Old Times, Better Times? German Miners’ Knappschaften, Pay-as-you-go Pensions, and Implicit Rates of Return, 1854–1913," Ruhr Economic Papers 0238, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:391-411. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.