SOCIAL SECURITY: A VERY BRIEF OVERVIEW

Nils H Hakansson
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Nils H Hakansson: University of California, Berkeley, USA

Chapter 2 in Social Security's Investment Shortfall: $8 Trillion Plus — and The Way Forward:Plus How the US Government's Financial Deficit Reporting = 64 Madoffs, 2012, pp 9-12 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe Social Security System of the United States, a child of the Great Depression, dates its birth to 1935. It was controversial then and has remained so in varying degrees ever since. The requirement since 1983 to make 75-year projections of its financial prospects, where demographic changes in the age distribution of the population play a key role, have generated sobering, and in some quarters nearly hysterical, reactions about its sustainability. It is not my intent to review these issues in any detail. Many careful studies of the problems facing Social Security have concluded that they can be solved by relatively minor adjustments. An especially cogent analysis in this vein is provided by Peter Diamond and Peter Orzag in their book Saving Social Security — A Balanced Approach (2004). Their adjustments to revenues and benefits are based on three components: improvements in life expectancy, changes in earnings inequality, and what they call the legacy debt that arose from the early recipients’ relatively large benefits…

Keywords: Quantitative Modelling; Statistical; Computer; Marketing; Neural Networks; Fuzzy Logic; K-Clique Model; Meta-Heuristics Investment; Social Security; Public Pension Plans; Trust Funds; Public Policy; Government Financial Reporting; Unified Budget; Economic Growth; National Debt; Pension Funds; Risk Premium; Entitlements; Passive Investments; Short-Term Borrowing; Private Social Security Accounts; Minimal Safety Net; Personal Safety Net; Long-Term; Total Returns; Compound Returns; Economies Of Scale; Fees; Administrative Expenses; Productivity; Administrative Independence; Transaction Costs; Market Impact; Mean Reversion; International Stocks; Moral Hazard; Economic Efficiency; Professional Management; Payroll Tax; Benefit; Beneficiary; Retirement; Survivor; Life Insurance; Disability Insurance; Contribution; Insurance Premium; Great Depression; Greenspan Commission; Inflation (search for similar items in EconPapers)
Date: 2012
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