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The Way Forward

In: Social Security's Investment Shortfall: $8 Trillion Plus — and The Way Forward Plus How the US Government's Financial Deficit Reporting = 64 Madoffs

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  • Nils H Hakansson

Abstract

The recent period has seen a clamor calling for reform of the Social Security System of the United States. Most proposals (see e.g., Blinder, 2010; Brandon, 2010; Farrell, 2010; Malkiel, 2010; and Peterson, 2010) have called for rather modest changes. The thrust of the present analysis, as is already evident, is that a more comprehensive, yet easily implemented, restructuring is needed.It is evident that the Social Security Trust Fund is not in the best of hands. It clearly needs to disengage from being a political football. What is required is a change in the mindset that will view Social Security contributions as genuine (passive) investments into a minimal safety-net plan, a plan that can expect above average net-of-fees investment returns for the purpose of funding a combination of inflation-indexed, life-time annuity-based retirement, life insurance, and (when applicable) disability benefits.

Suggested Citation

  • Nils H Hakansson, 2012. "The Way Forward," World Scientific Book Chapters, in: Social Security's Investment Shortfall: $8 Trillion Plus — and The Way Forward Plus How the US Government's Financial Deficit Reporting = 64 Madoffs, chapter 7, pages 57-63, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814407977_0007
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