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Social Security Privatization


Social Security Privatization
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Building Social Security


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.



The False Promise Of Social Security Privatization


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.



Privatizing Social Security


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



Issues In Privatizing Social Security


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.



Building Social Security


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 In The Us


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.



Social Security Privatization


Social Security Privatization
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Author : Jan Walliser
language : en
Publisher:
Release Date : 1999

Social Security Privatization written by Jan Walliser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Pension trusts categories.




Social Security Privatization


Social Security Privatization
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Author : Randall P. Mariger
language : en
Publisher:
Release Date : 1997

Social Security Privatization written by Randall P. Mariger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Privatization categories.




Social Security


Social Security
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Author : Daniel Béland
language : en
Publisher: Lawrence, Kan. : University Press of Kansas
Release Date : 2005

Social Security written by Daniel Béland and has been published by Lawrence, Kan. : University Press of Kansas this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with History categories.


Compact, timely, well-researched, and balanced, this institutional history of Social Security's seventy years shows how the past still influences ongoing reform debates, helping the reader both to understand and evaluate the current partisan arguments on both sides.



Social Security Privatization


Social Security Privatization
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Author : Olivia S. Mitchell
language : en
Publisher:
Release Date : 1996

Social Security Privatization written by Olivia S. Mitchell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Privatization categories.


This paper identifies the key economic issues that must be addressed in the debate over a privatized social security system. We examine a two-pillar plan. The first pillar would consist of a demogrant: a small indexed pension of the same dollar amount for all retirees who had contributed to the system over a full lifetime of work. The second pillar would consist of a fully-funded individual defined-contribution account, financed by payroll taxes, held in financial institutions, and directed by participants. We explore how such a system would affect the risks households face, how it would alter the distribution of income, and how it might influence household behavior, including incentives to work and save, and portfolio choices. We also examine macroeconomic issues: how the transition to a private plan would occur, and what the likely effects would be on national saving. We conclude that a two-pillar system offers several positive features, namely a reduction in political risk, an increase in household portfolio choice, and improved work incentives. Disadvantages include less redistributiveness and national risk sharing, and increased administrative costs.