Privatizing Social Security in the U.S.: Comparing the Options: Technical Paper 1998-4

Laurence Kotlikoff, Kent Smetters and Jan Walliser

No 14078, Working Papers from Congressional Budget Office

Abstract: This paper considers alternative ways to privatize the U.S. Social Security system. It does so using a new rational-expectations simulation model based on the Auerbach and Kotlikoff (1987) model. The new model incorporates intra-as well as intergenerational heterogeneity and is closely calibrated to U.S. fiscal institutions. Three different dimensions of privatization are considered: the choice of the tax used to finance the transition, the degree of voluntary participation in the new retirement system, and the method of making the new system progressive.

Date: 1998-11-01
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