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Saving Social Security

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  • Peter A. Diamond
  • Peter R. Orszag

Abstract

Social Security is one of America's most successful government programs. It has helped millions of Americans avoid poverty in old age. To be sure, the program faces a long-term deficit and is in need of updating. But Social Security's long-term financial health can be restored: the projected deficit is small enough that it can be eliminated through a progressive reform that combines modest benefit reductions and revenue increases.

Suggested Citation

  • Peter A. Diamond & Peter R. Orszag, 2005. "Saving Social Security," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 11-32, Spring.
    • Handle: RePEc:aea:jecper:v:19:y:2005:i:2:p:11-32
    Note: DOI: 10.1257/0895330054048722
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/0895330054048722
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    References listed on IDEAS

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    3. Murphy, Kevin M & Welch, Finis, 1998. "Perspectives on the Social Security Crisis and Proposed Solutions," American Economic Review, American Economic Association, vol. 88(2), pages 142-150, May.
    4. Diamond Peter & Orszag Peter R., 2002. "An Assessment of the Proposals of the President's Commission to Strengthen Social Security," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 1(1), pages 1-61, October.
    5. Peter A. Diamond, 2000. "Administrative Costs and Equilibrium Charges with Individual Accounts," NBER Chapters, in: Administrative Aspects of Investment-Based Social Security Reform, pages 137-172, National Bureau of Economic Research, Inc.
    6. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
    7. Alicia H. Munnell, 2003. "The Declining Role Of Social Security," Just the Facts jtf-6, Center for Retirement Research.
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