Different Approaches for Dealing with Social Security

Edward M. Gramlich

Journal of Economic Perspectives, 1996, vol. 10, issue 3, pages 55-66

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. Copyright 1996 by American Economic Association.

Date: 1996
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