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Issues in Privatizing Social Security: Report of an Expert Panel of the National Academy of Social Insurance

Editor

Listed:
  • Peter A. Diamond
    (Massachusetts Institute of Technology)

Abstract

Two types of changes to Social Security have been proposed. One would keep the current defined-benefit structure but build and maintain a larger trust fund, to be partially invested in stocks and corporate bonds. The other would set up individual funded accounts, also to be partially invested in private markets. Both would raise taxes or lower benefits in the near term to increase funds for paying future benefits. This study addresses many important aspects of these politically charged proposals. The questions discussed include: Should Social Security have more advance funding? Should Social Security funds be invested in the stock market? If investments are organized by the government, what independent institutions would shield portfolio decisions and corporate governance from political pressures? If investments are privately organized, what would be the regulatory structure? Finally, should Social Security include individual defined-contribution accounts or stay with traditional defined benefits?

Suggested Citation

  • Peter A. Diamond (ed.), 1999. "Issues in Privatizing Social Security: Report of an Expert Panel of the National Academy of Social Insurance," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262041774, December.
    • Handle: RePEc:mtp:titles:0262041774
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    Citations

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    Cited by:

    1. Peter Diamond, 2023. "R. Douglas Arnold: Fixing Social Security: The Politics of Reform in a Polarized Age," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 58(2), pages 121-124, April.
    2. John Laitner, 2002. "Transition Paths and Social Security Reform," Working Papers wp025, University of Michigan, Michigan Retirement Research Center.
    3. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
    4. Elsa Fornero, 2015. "Economic-financial Literacy and (Sustainable) Pension Reforms: Why the Former is a Key Ingredient for the Latter," Bankers, Markets & Investors, ESKA Publishing, issue 134, pages 6-16, January-F.
    5. Fadlon, Itzik & Laibson, David, 2022. "Paternalism and pseudo-rationality: An illustration based on retirement savings," Journal of Public Economics, Elsevier, vol. 216(C).
    6. Georges de Menil, 2000. "A Comment on the Place of Funded Pensions in Transition Economies," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 7(4), pages 431-444, August.
    7. Youngse Mun & Inho Mun, 2012. "Privatizing the Social Security Program in the U.S.: How to Overcome the Transition Costs," International Review of Public Administration, Taylor & Francis Journals, vol. 17(2), pages 39-62, August.
    8. Peter Diamond, 2012. "Pensions, Taxes and The Budgetary Process," The American Economist, Sage Publications, vol. 57(2), pages 146-153, November.
    9. Schmid, Günther, 2006. "Sharing risk: on social risk management and the governance of labour market transitions," Discussion Papers, Research Unit: Labor Market Policy and Employment SP I 2006-101, WZB Berlin Social Science Center.
    10. Hans-Werner Sinn, 2000. "Why a Funded Pension System is Useful and Why It is Not Useful," NBER Working Papers 7592, National Bureau of Economic Research, Inc.
    11. Hans-Werner Sinn, 2000. "Why a Funded Pension System is Needed and Why It is Not Needed," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 7(4), pages 389-410, August.
    12. Kaganovich, Michael & Zilcha, Itzhak, 2012. "Pay-as-you-go or funded social security? A general equilibrium comparison," Journal of Economic Dynamics and Control, Elsevier, vol. 36(4), pages 455-467.
    13. Alberto Alesina, 2000. "The Political Economy of the Budget Surplus in the United States," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 3-19, Summer.
    14. Michael Kaganovich & Itzhak Zilcha, 2008. "Alternative Social Security Systems and Growth," CESifo Working Paper Series 2353, CESifo.
    15. William L. Holahan & Charles O. Kroncke, 2007. "Social Security Bonds and the Concept of Reciprocal Responsibility," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 10(1), pages 87-92, March.
    16. Alberto Alesina, 2000. "The Political Economy of the Budget Surplus in the U.S," NBER Working Papers 7496, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    social security; corporate governance; benefits;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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