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An Assessment of the Proposals of the President's Commission to Strengthen Social Security

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  • Diamond Peter

    () (pdiamond@mit.edu)

  • Orszag Peter R.

    () (porszag@brook.edu)

Abstract

The President's Commission to Strengthen Social Security proposed three plans for reforming Social Security. All of them would create individual accounts financed by diverting funds from the Social Security Trust Fund. One of the three Commission proposals (Model 1) would not restore long-term balance to Social Security. This paper focuses on the other two proposals - Models 2 and 3 - which would restore long-term balance. Models 2 and 3 contain a number of elements and are quite complicated. To understand the plans, we describe their proposed changes to Social Security benefits (which we refer to as "traditional benefits"), the individual accounts that the plans would establish, the combined effect on retirement income from the changes in traditional Social Security benefits and the individual accounts, and the impact on Social Security financing and the rest of the budget.

Suggested Citation

  • 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.
  • Handle: RePEc:bpj:bejeap:v:contributions.1:y:2002:i:1:n:10
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    References listed on IDEAS

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    1. 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.
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    Cited by:

    1. Velloso, Helvia, 2006. "Social Security in the United States: Overview and Outlook," Documentos de Proyectos 89, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. L. Randall Wray, 2005. "Social Security's 70th Anniversary: Surviving 20 Years of Reform," Economics Policy Note Archive 05-6, Levy Economics Institute.

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