Privatization Of Social Security
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Building Social Security
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Author : Xenia Scheil-Adlung
language : en
Publisher: Routledge
Release Date : 2017-11-30
Building Social Security written by Xenia Scheil-Adlung and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-30 with Political Science categories.
In recent years, in both the specialist press and the tabloids, the idea of privatization of social security has become a shimmering catch phrase. Politicians base election campaigns on promises of more or less privatization in social security. Many governments introduce private business management methods into their social security systems. Representatives of social security institutions and academics prepare theory papers on the possible outcomes of privatization. And international financial organizations describe doomsday scenarios based on the premise of failure to privatize.What is the role of privatization today in the development of national social security systems? How does privatization concern the developments in different social security programs such as old age, sickness, unemployment, accident insurance and family allowances? What are the visions and effects of privatization in social security?This volume provides an overview of the various positions of supporters and opponents of privatization in the main branches of social security, followed by national experience of privatized or part-privatized social security systems. While the perspective of each of the contributors is markedly different, the overall objective cuts across differences: namely, to develop the most efficient and cost-effective system of social security protection.The authors' views and knowledge are derived from their firsthand experiences with social security in Africa, Asia, the Americas and Europe. Representatives of the leading international organizations dealing with social security issues-the International Labour Organization, the OECD, the World Bank and the World Health Organization-further expand the parameters of the viewpoints and experiences expressed.This multifaceted book allows the reader to learn about the challenge of privatization in the various forms of social security by assembling a set of highly up-to-date, technically complex and legal issues based on practical analysis and actual experience. It will be of interest to those concerned with national social policy in a comparative context. This is the sixth volume in an ongoing series that aims to review social security in a comparative, global context. Xenia Scheil-Adlung is program manager, International Social Security Association, Geneva, Switzerland.
Privatizing Social Security
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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2008-04-15
Privatizing Social Security written by Martin Feldstein and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-15 with Political Science categories.
This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Privatization Of Social Security In The Us
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Author : Caroline Mutuku
language : en
Publisher: GRIN Verlag
Release Date : 2018-07-12
Privatization Of Social Security In The Us written by Caroline Mutuku and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-12 with Political Science categories.
Polemic Paper from the year 2018 in the subject Business economics - Economic Policy, grade: 1, , language: English, abstract: This paper will provide a comprehensive argument against the proposal for the privatization of social security. Privatization of social security seems to have created an unprecedented debate in the past decade. This is attributable to the conflict of ideas between the critics of moving social security into private accounts and supporters of the proposal. From an economic perspective, the proposal to move social security into private account is believed to have been suggested, in order to prevent financial shortfalls in the future as it was the case in 1980s when financial difficulties were experienced. Historically, social security was created in 1935 through the Social Security Act, which was signed by President Franklin D. Roosevelt. This was meant establish a social insurance system that would protect workers and their families from catastrophic financial losses owing to retirement, disability or death. Since its inception, the US social security program provides monthly income benefits to workers who are under the social security system. As such, it ensures that workers and their families are protected against wage loss. For instance, in 2009, 69% of social security benefits were offered to retired workers, as well as their families, whereas disabled workers and survivors of the deceased workers received 18% and 13% of social security benefits, respectively. Currently, most Americans rely on social security program as the main retirement plan, and this phenomenon has raised concerns on its sustainability in the future. It is projected that over forty million Americans will attain their retirement age between 2010 and 2040. This implies that the social security will become one of the greatest single expenditures of the federal budget. This is probably why proponents of the proposal for moving social security to private accounts maintain that privatization will address insolvency in the future. Despite the benefits associated with the privatization of social security, there are numerous disadvantages which will create problems to the beneficiaries of the social security program.
Building Social Security
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Author : Xenia Scheil-Adlung
language : en
Publisher: Transaction Pub
Release Date : 2001
Building Social Security written by Xenia Scheil-Adlung and has been published by Transaction Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
In recent years, in both the specialist press and the tabloids, the idea of privatization of social security has become a shimmering catch phrase. Politicians base election campaigns on promises of more or less privatization in social security. Many governments introduce private business management methods into their social security systems. Representatives of social security institutions and academics prepare theory papers on the possible outcomes of privatization. And international financial organizations describe doomsday scenarios based on the premise of failure to privatize. What is the role of privatization today in the development of national social security systems? How does privatization concern the developments in different social security programs such as old age, sickness, unemployment, accident insurance and family allowances? What are the visions and effects of privatization in social security? This volume provides an overview of the various positions of supporters and opponents of privatization in the main branches of social security, followed by national experience of privatized or part-privatized social security systems. While the perspective of each of the contributors is markedly different, the overall objective cuts across differences: namely, to develop the most efficient and cost-effective system of social security protection. The authors' views and knowledge are derived from their firsthand experiences with social security in Africa, Asia, the Americas and Europe. Representatives of the leading international organizations dealing with social security issues-the International Labour Organization, the OECD, the World Bank and the World Health Organization-further expand the parameters of the viewpoints and experiences expressed. This multifaceted book allows the reader to learn about the challenge of privatization in the various forms of social security by assembling a set of highly up-to-date, technically complex and legal issues based on practical analysis and actual experience. It will be of interest to those concerned with national social policy in a comparative context. This is the sixth volume in an ongoing series that aims to review social security in a comparative, global context. Xenia Scheil-Adlung is program manager, International Social Security Association, Geneva, Switzerland.
Privatization Of Social Security
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Author : Laurence J. Kotlikoff
language : en
Publisher:
Release Date : 1995
Privatization Of Social Security written by Laurence J. Kotlikoff and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Fiscal policy categories.
Abstract: This paper uses the Auerbach-Kotlikoff Dynamic Life-Cycle Model (AK Model) to examine the macroeconomic and efficiency effects of privatizing social security, and a simple privatization proposal, the Personal Security System, to discuss other issues associated with privatization. According to the AK Model, privatizing social security can create major long-run increases in output and living standards which come largely but not exclusively at the expense of existing generations. Indeed, the pure gains refers to the welfare improvement for future generations after existing generations have been fully compensated for losses from privatization. The precise size of the efficiency gain depends on the existing tax structure, linkage between benefits and taxes under the existing social security system and the choice of the tax instrument used to finance benefits during the transition. When the initial tax structure has a progressive income tax, when the existing system's benefit-tax linkage is low, when consumption taxation is used to finance benefits during transi- tion and when existing generations are fully compensated for privatization losses, there is a 4.5 % simulated welfare gain to future generations. But if these circumstances don't hold, the efficiency gains from privatization are likely to be smaller, possibly negative. The Personal Security System shows there are simple ways to privatize the retirement portion of the U.S. Social Security System and credit workers for their past contributions, and even provide more survivors' protection than the current system. But the analysis suggests that benefits must be set against a possible reduction in progressivity and a reduction in longevity insurance for the elderly.
Issues In Privatizing Social Security
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Author : National Academy of Social Insurance (U.S.). Panel on Privatization of Social Security
language : en
Publisher: MIT Press
Release Date : 1999
Issues In Privatizing Social Security written by National Academy of Social Insurance (U.S.). Panel on Privatization of Social Security and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
This study addresses many important aspects of two politically charged proposals to remedy the Social Security crisis.
Simulating The Privatization Of Social Security In General Equilibrium
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Author : Laurence J. Kotlikoff
language : en
Publisher:
Release Date : 1996
Simulating The Privatization Of Social Security In General Equilibrium written by Laurence J. Kotlikoff and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Pension trusts categories.
This paper studies the macroeconomic and efficiency effects of privatizing social security. It does so by simulating alternative privatization schemes using the Auerbach-Kotlikoff Dynamic Life-Cycle Model. The simulations indicate three things. First, privatizing social security can generate very major long-run increases in output and living standards. Second the long-run gains from privatization are larger if privatization redistributes resources from initial to future generations, the pure efficiency gains from privatization are also substantial. Efficiency gains refers to the welfare improvement available to future generations after existing generations have been fully compensated for their losses from privatization. The precise size of the efficiency gain depends on the existing tax structure, the linkage between benefits and taxes under the existing social security system, and the method chosen to finance benefits during the transition. Third, at least in the long run, privatizing social security is likely to be progressive in that it improves the well-being of the lifetime poor relative to that of the lifetime rich.
Evaluating Issues In Privatizing Social Security
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Author : National Academy of Social Insurance (U.S.). Panel on Privatization of Social Security
language : en
Publisher:
Release Date : 1998
Evaluating Issues In Privatizing Social Security written by National Academy of Social Insurance (U.S.). Panel on Privatization of Social Security and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Privatization categories.
Domain Linkages And Privatization In Social Security
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Author : Jun-Young Kim
language : en
Publisher: Routledge
Release Date : 2018-02-06
Domain Linkages And Privatization In Social Security written by Jun-Young Kim and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-06 with Social Science categories.
This title was first published in 2000: This volume is based on papers presented at the sixth International Research Seminar on "Issues in Social Security", held by FISS on 12-15 June 1999 in Sigtuna, Sweden. The book relates to the discussion about the merits of improving the incentive structure of social security programmes by privatization. The first part contains two important chapters - the first looks at the interaction between programmes and how they make one of them to serve the purposes of the other. This mechanism is termed "domain linkage". The second chapter deals with welfare state programmes that contain behavioural risks, like health insurance, sickness benefits, unemployment and disability insurance - where moral hazard is a potential problem. The second part of the book groups a number of international comparative studies. The first three deal with retirement issues, and the fourth looks at the development of poverty and income distribution.
The False Promise Of Social Security Privatization
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Author : Jeffrey A. Miron
language : en
Publisher:
Release Date : 2009
The False Promise Of Social Security Privatization written by Jeffrey A. Miron and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Social Security is the single largest transfer program in the world. In 1999, Social Security paid $334.4 billion in benefits to retired workers and their families and collected $396.4 billion in taxes. More than 151 million persons worked in jobs covered by Social Security and paid Social Security taxes, while more than 37.9 million received benefits. In 1998 more than 90 percent of elderly households received social security payments, and such payments provided more than half of total income for 64 percent of individuals aged 65 and older living alone. According to all observers, Social Security faces a long-term financial problem. Although the Social Security Trust Fund currently boasts a substantial balance and collects far more in taxes than it pays out in benefits, this situation will change over the next several decades as the Baby Boom generation hits retirement age. By 2015 Social Security will be paying more in benefits than it collects in taxes, and by 2039 the Trust Fund will be exhausted, given current benefit formulas and tax rates. Partially in response to this problem, but also to address other concerns about Social Security, a growing chorus of politicians, policy analysts, and economists advocates the full or partial privatization of Social Security. Among politicians, President George W. Bush has made partial privatization the center-piece of his solution to the Social Security crisis. Among economists, Harvard University's Martin Feldstein is the most visible advocate of this approach, but many others have endorsed some form of privatization. Similarly, policy analysts at conservative and libertarian think tanks also support privatization. Privatization means creating private, individual accounts in which Social Security participants would put some or all of the monies they would otherwise pay in Social Security taxes. One common argument in support of this approach is that, since stocks have historically paid a higher return than either the government bonds held in the Social Security Trust Fund or Social Security contributions themselves, allowing individuals to purchase stocks rather than paying taxes will improve Social Security's rate of return and thereby alleviate the impending crisis. In this paper we explain that privatization per se does nothing to alleviate Social Security's impending fiscal imbalance or improve Social Security's rate of return. Privatization might have desirable consequences - as well as negative ones - but for reasons independent of the alleged crisis. Our goal is not to advocate for or against privatization; we simply attempt to clarify what privatization can and cannot accomplish in hopes of focusing debate on the real issues.