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Social Security's Investment Shortfall: $8 Trillion Plus — and The Way Forward:Plus How the US Government's Financial Deficit Reporting = 64 Madoffs

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  • Nils H Hakansson

    (UC Berkeley)

Abstract

The aim of this book is to document, on a solid and convincing foundation, two public policy mistakes of the United States Government that have been extremely costly. First, the failure to combine stocks with long-term government bonds in the Social Security Trust Fund, the way other nations do, has resulted not only in an investment shortfall well into the trillions of dollars, but has also reduced US and global economic growth and increased the national debt. Second, by employing the Unified Budget concept beginning in 1970, the US Government has since then understated its financial deficits by more than $4 trillion and in doing so it has shielded the increase in the debt owed to the public by roughly half.

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Suggested Citation

  • Nils H Hakansson, 2012. "Social Security's Investment Shortfall: $8 Trillion Plus — and The Way Forward:Plus How the US Government's Financial Deficit Reporting = 64 Madoffs," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 8510, December.
    • Handle: RePEc:wsi:wsbook:8510
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