Le système de retraite américain : impact de la crise et tendances de long terme
AbstractThis paper presents a summary of the U.S. pension system. First, our goal is to explain how unfunded and funded pension schemes work. We also study how the economic and financial crisis has affected these different schemes. Moreover, we examine the official long-run forecasts of the evolution of the unfunded pension scheme (OASDI) according to various economic and demographic scenarios. Finally, we study the nature of the public debate and the policy options for government action. Our work shows that the crisis has not jeopardized the financing of the unfunded pension scheme because the latter stays in surplus in the short and medium term. The crisis only reduced the amount of this surplus. In the long term, the accumulated trust fund should be insufficient to cover future primary deficits. A major reform can not be excluded from 2020 onwards. The financial crisis has sharply devaluated the assets of the funded pension schemes, which conducts to a problem of survival for some pension funds. Without public financial support or a sufficient recovery in financial markets, a drop in the amount of pensions is possible.
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Bibliographic InfoPaper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2010-27.
Date of creation: Oct 2010
Date of revision:
US economy; pension schemes; economic crisis.;
Other versions of this item:
- Vincent Touze, 2010. "Le système de retraite américain : impact de la crise et tendances de long terme," Sciences Po publications 2010-27, Sciences Po.
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
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