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Social Security: Overview And Options

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  • Dean A. Worcester

Abstract

The intense controversy about the future of Social Security is found to be basically political. Adjustments that are relatively minor from an economic point of view suffice to maintain the viability of Social Security and of the economy as a whole. The defined‐benefit, pay‐as‐you‐go character of Social Security inevitably produces politically troubling crises as the system matures. Five options for change are considered, with special attention given to a defined‐cost system which would gradually adjust benefits and avoid both cyclical and long‐term crises

Suggested Citation

  • Dean A. Worcester, 1983. "Social Security: Overview And Options," Contemporary Economic Policy, Western Economic Association International, vol. 1(3), pages 1-8, April.
    • Handle: RePEc:bla:coecpo:v:1:y:1983:i:3:p:1-8
    DOI: 10.1111/j.1465-7287.1983.tb00755.x
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    References listed on IDEAS

    as
    1. Browning, Edgar K, 1973. "Social Insurance and Intergenerational Transfers," Journal of Law and Economics, University of Chicago Press, vol. 16(2), pages 215-237, October.
    2. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-926, Sept./Oct.
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