The Social Security reform debate: effects of financial and labor market institutions

Douglas V. Orr
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Douglas V. Orr: Department of Economics, Eastern Washington University, Cheney, WA 99004, USA; Tel.: +1-509-359-2424 doff@ewu.edu

Review of Radical Political Economics, 2002, vol. 34, issue 3, 285-293

Abstract: Social Security is a defined benefit (DB) pension plan. Proposals for "reforming" Social Security suggest replacing it with a defined contribution (DC) savings plan. This paper compares the financial and non-financial aspects of DB pensions and DC savings plans, and discusses how changing financial and labor markets affect the interpretation of these plans. Recent wage stagnation has strengthened the arguments for "reform," but a return to the more historical pattern of wage growth would undermine the arguments for reform.

Keywords: Social Security; Pensions (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:34:y:2002:i:3:p:285-293

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