Journal of Economic Perspectives
ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)
Different Approaches for Dealing with Social Security
Journal of Economic Perspectives
vol. 10,
no. 3, Summer 1996
(pp. 55–66)
(Complimentary)
Abstract
This paper discusses the report of the 1994 Quadrennial Advisory Council on Social Security, of which the author was chair. The system is out of long-term actuarial balance and, as a maturing defined benefit pay-as-you-go system, is giving younger cohorts ever lower returns on their payroll contributions. The council suggested three approaches--each of which involves higher national saving and a way to get some retirement funds invested in equities. One of these approaches preserves the present benefit structure, one shifts to large-scale individual accounts, and one is a hybrid.Citation
Gramlich, Edward M. 1996. "Different Approaches for Dealing with Social Security." Journal of Economic Perspectives, 10 (3): 55–66. DOI: 10.1257/jep.10.3.55JEL Classification
- H55 Social Security and Public Pensions
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