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The controversy over the US Social Security Surplus. A non conventional view

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  • Sergio Cesaratto

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Abstract

This paper examines the US controversy over the Social Security ‘Trust Fund’ (SS-TF). It is shown that, according to neoclassical theory, the SS-TF has a substantial meaning as a safety belt in view of the alleged pending problems of, but, according to more Keynesian principles, it does not play this function. On the opposite, the establishment of a SS-TF will have deflationary effects on the economy

Suggested Citation

  • Sergio Cesaratto, 2004. "The controversy over the US Social Security Surplus. A non conventional view," Department of Economics University of Siena 418, Department of Economics, University of Siena.
  • Handle: RePEc:usi:wpaper:418
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    File URL: http://repec.deps.unisi.it/quaderni/418.pdf
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    References listed on IDEAS

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    1. Henry J. Aaron & John B. Shoven, 1999. "Should the United States Privatize Social Security?," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011743 edited by Benjamin M. Friedman, September.
    2. Eric M. Engen & William G. Gale, 1997. "Effects of Social Security reform on private and national saving," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, issue jun, pages 103-142.
    3. Thomas Palley, 2002. "Social Security: Prefunding Is Not the Answer!," Challenge, Taylor & Francis Journals, vol. 45(2), pages 97-118.
    4. Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324, Elsevier.
    5. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
    6. Martin Feldstein & Andrew Samwick, 1998. "The Transition Path in Privatizing Social Security," NBER Chapters, in: Privatizing Social Security, pages 215-264, National Bureau of Economic Research, Inc.
    7. Laurence J. Kotlikoff, 1979. "Social Security and Equilibrium Capital Intensity," The Quarterly Journal of Economics, Oxford University Press, vol. 93(2), pages 233-253.
    8. Sergio Cesaratto, 2002. "The Economics of Pensions: A non-conventional approach," Review of Political Economy, Taylor & Francis Journals, vol. 14(2), pages 149-177.
    9. Modigliani, Franco. & Ceprini, Marialuisa E. A. & Muralidhar, Arun Sundarram., 1999. "An MIT solution to the social security crisis," Working papers WP 4051-99., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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    More about this item

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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