The Distributional Aspects Of Social Security And Social Security Reform
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The Distributional Aspects Of Social Security And Social Security Reform
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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
The Distributional Aspects Of Social Security And Social Security Reform 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 2007-11-01 with Political Science categories.
Social security is the largest and perhaps the most popular program run by the federal government. Given the projected increase in both individual life expectancy and sheer number of retirees, however, the current system faces an eventual overload. Alternative proposals have emerged, ranging from reductions in future benefits to a rise in taxrevenue to various forms of investment-based personal retirement accounts. As this volume suggests, the distributional consequences of these proposals are substantially different and may disproportionately affect those groups who depend on social security to avoid poverty in old age. Together, these studies persuasively show that appropriately designed investment-based social security reforms can effectively reduce the long-term burden of an aging society on future taxpayers, increase the expected future income of retirees, and mitigate poverty rates among the elderly.
On The Distributional Effects Of Social Security Reform
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Author : Mark Huggett
language : en
Publisher: London : Department of Economics, University of Western Ontario
Release Date : 1998
On The Distributional Effects Of Social Security Reform written by Mark Huggett and has been published by London : Department of Economics, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Social security categories.
The Distributional Effects Of An Investment Based Social Security System
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Author : Martin S. Feldstein
language : en
Publisher:
Release Date : 2000
The Distributional Effects Of An Investment Based Social Security System written by Martin S. Feldstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Income distribution categories.
In this paper we study the distributional impact of a change from the existing pay-as-you-go Social Security system to one that combines both pay-as-you-go and investment-based elements. Critics of investment-based plans have been concerned that such plans might reduce the retirement income of low-paid workers or of surviving spouses relative to what they would get from Social Security, and might therefore increase the extent of poverty among the aged. Our analysis in this paper shows that this is generally not the case, even in plans that make no special effort to maintain or increase redistribution. Our principal finding is that virtually all of the demographic groups that we examine would receive higher average benefits under a mixed system with an investment-based component than the benefits that they would receive under current Social Security rules. There would also be a smaller share of individuals with benefits below the poverty line even though the total cost of funding the mixed system -- a three percent saving contribution rather than a six percent rise in the tax rate -- is substantially lower than that of funding the pay-as-you-go system. Our individual-level data permit us to go beyond comparing group means to analyze the full distribution of the benefits that individuals would receive under the two different systems. These comparisons show that the overwhelming majority of individuals would have higher benefits with the investment-based system than with the pure pay-as-you-go system. The relatively small number of individuals who would receive less from the investment-based system is further reduced when the effects of the Supplementary Security Income program is taken into account. These basic conclusions remain true even if the future rate of return in the investment-based component of the mixed system is substantially less than past experience implies.
Prospects For Social Security Reform
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Author : Olivia S. Mitchell
language : en
Publisher: University of Pennsylvania Press
Release Date : 1999-01-29
Prospects For Social Security Reform written by Olivia S. Mitchell and has been published by University of Pennsylvania Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-29 with Business & Economics categories.
The United States social security system is the nation's largest social insurance program. As such, it has a far-reaching impact throughout the economy, influencing not only old-age economic security but also many behaviors, including corporate employment policy, retirement patterns, and personal saving. In the past, the system's universal coverage and generous benefits ensured popular support to a degree enjoyed by no other form of "big government" social spending. Yet over two-thirds of all Americans today believe that the social security system will face bankruptcy by the time they retire. The question of social security reform—how to reform the system or whether the system needs reform at all—is the subject of heated debate at all levels of government, in the media, and among workers, pensioners, and employers. Prospects for Social Security Reform informs the debate by exploring why the system is at a crossroads today and what to do about it. Contributors detail the size and nature of the problem, explain views of key "stakeholders" regarding reform options, and report new evidence on how reform might affect the economy. Research findings and public opinion polls are analyzed, as are lessons from other countries experimenting with new ways to deliver old-age benefit promises. No other volume includes as diverse and expert a set of perspectives on reform and privatization as those gathered here from economists, actuaries, employers, investment managers, and representatives of organized labor. Among its chapters is the path-breaking study "Social Security Money's Worth," the 1999 winner of the TIAA-CREF's Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security.
Social Security
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Author : Martin S. Feldstein
language : en
Publisher:
Release Date : 2001
Social Security written by Martin S. Feldstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Social security categories.
This paper, a forthcoming chapter in the Handbook of Public Economics, reviews the theoretical and empirical issues dealing with Social Security pensions. The first part of the paper discusses pure pay-as-you-go plans. It considers the effects of introducing such a plan on the present value of consumption, the optimal level of benefits in such plans, and the emprical research on the effects of pay-as-you-go pension systems on labor supply and saving. The second part of the paper discusses the transition to investment-based systems, analyzing the effect on the present value of consumption of such a transition and considering such issues as the distributional effects and risk associated with such systems.
Social Security Reform Proposals Could Have A Variety Of Effects On Distribution Of Benefits And Payroll Taxes Testimony Before The Special Committee On Aging U S Senate
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Author :
language : en
Publisher: DIANE Publishing
Release Date :
Social Security Reform Proposals Could Have A Variety Of Effects On Distribution Of Benefits And Payroll Taxes Testimony Before The Special Committee On Aging U S Senate written by and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Social Security Policy In A Changing Environment
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Author : Jeffrey R. Brown
language : en
Publisher: University of Chicago Press
Release Date : 2009-12-15
Social Security Policy In A Changing Environment written by Jeffrey R. Brown 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 2009-12-15 with Business & Economics categories.
Social Security Policy in a Changing Environment analyzes the changing economic and demographic environment in which social insurance programs that benefit elderly households will operate. It also explores how these ongoing trends will affect future beneficiaries, under both the current social security program and potential reform options. In this volume, an esteemed group of economists probes the challenge posed to Social Security by an aging population. The researchers examine trends in private sector retirement saving and health care costs, as well as the uncertain nature of future demographic, economic, and social trends—including marriage and divorce rates and female participation in the labor force. Recognizing the ambiguity of the environment in which the Social Security system must operate and evolve, this landmark book explores factors that policymakers must consider in designing policies that are resilient enough to survive in an economically and demographically uncertain society.
Risk Aspects Of Investment Based Social Security Reform
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Author : John Y. Campbell
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Risk Aspects Of Investment Based Social Security Reform written by John Y. Campbell 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 2009-02-15 with Political Science categories.
Our current social security system operates on a pay-as-you-go basis; benefits are paid almost entirely out of current revenues. As the ratio of retirees to taxpayers increases, concern about the high costs of providing benefits in a pay-as-you-go system has led economists to explore other options. One involves "prefunding," in which a person's withholdings are invested in financial instruments, such as stocks and bonds, the eventual returns from which would fund his or her retirement. The risks such a system would introduce—such as the volatility in the market prices of investment assets—are the focus of this offering from the NBER. Exploring the issues involved in measuring risk and developing models to reflect the risks of various investment-based systems, economists evaluate the magnitude of the risks that both retirees and taxpayers would assume. The insights that emerge show that the risk is actually moderate relative to the improved return, as well as being balanced by the ability of an investment-based system to adapt to differences in individual preferences and conditions.
Making Sense Of Social Security Reform
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Author : Daniel Shaviro
language : en
Publisher: University of Chicago Press
Release Date : 2000
Making Sense Of Social Security Reform written by Daniel Shaviro 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 2000 with Business & Economics categories.
The Social Security Act of 1935 must be counted among the most monumental pieces of legislation ever passed by Congress. Today, sixty-five years after its enactment, public support for Social Security remains extremely strong. At the same time, there have been reports that Social Security is in grave danger of financial collapse, and numerous groups across the political spectrum have agitated for its reform. The president has put forward proposals to rescue Social Security, conservatives argue for its privatization, and liberals advocate increases in its funding from surplus tax revenues. But what is the average person to make of all this? How many Americans know where the money for Social Security benefits really comes from, or who wins and loses from the system's overall operations? Few people understand the current Social Security system in even its broadest outlines. And yet Social Security reform is ranked among the most important social issues of our time. With Making Sense of Social Security Reform, Daniel Shaviro makes an important contribution to the public understanding of the issues involved in reforming Social Security. His book clearly and straightforwardly describes the current system and the pressures that have been brought to bear upon it, before dissecting and evaluating the various reform proposals. Accessible to anyone who has an interest in the issue, Shaviro's new work is unique in offering a balanced, nonpartisan account.
The Gender Impact Of Social Security Reform
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Author : Estelle James
language : en
Publisher: University of Chicago Press
Release Date : 2008-09-15
The Gender Impact Of Social Security Reform written by Estelle James 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 2008-09-15 with Business & Economics categories.
As populations age and revenues diminish, government and private pension funds around the world are facing insolvency. The looming social security crisis is especially dire for women, who live longer than men but have worked less in the formal labor force. This groundbreaking study examines alternative social security systems and their disparate impacts on men and women. Emphasis is placed on the new multi-pillar systems that combine a publicly managed benefit and a mandatory private retirement saving plan. The Gender Impact of Social Security Reform compares the gendered outcomes of social security systems in Chile, Argentina, and Mexico, and presents empirical findings from Eastern and Central European transition economies as well as several OECD countries. Women’s positions have improved relative to men in countries where joint pensions have been required, widows who have worked can keep the joint pension in addition to their own benefit, the public benefit has been targeted toward low earners, and women’s retirement age has been raised to equality with that of men. The Gender Impact of Social Security Reform will force economists and policy makers to reexamine the design features that enable social security systems to achieve desirable gender outcomes.