Should the United States Privatize Social Security?

By Henry J. Aaron; John B. Shoven et al. | Go to book overview

gle plan. By design, Social Security has provided inadequate income to middle- and upper-income individuals in the expectation that they will supplement these benefits on their own. It has worked, at least in part. Roughly 45 percent of the work force is covered by supplementary pensions. Many of these supplementary plans started as defined-benefit plans but increasingly have shifted to the defined-contribution model. On top of that, individuals can save independently through a variety of voluntary, tax-subsidized individual retirement accounts. In other words, the United States already has many tiers that combine the defined- benefit and defined-contribution approaches to providing retirement income. We do not have to privatize Social Security to create still another tier.


References

Advisory Council on Social Security. 1997. Report of the 1994-1996 Advisory Council on Social Security. Washington, D.C.: Government Printing Office.

Bohn, Henning. 1998. "Social Security Reform and Financial Markets." In Steven Sass and Robert Triest eds. Social Security Reform: Links to Saving, Investment, and Growth. Boston, MA: Federal Reserve Bank of Boston.

Diamond, Peter A. 1997. "Macroeconomic Aspects of Social Security Reform." Brookings Papers on Economic Activity 2.

Diamond, Peter A. Forthcoming. "Economics of Social Security Reform: An Overview." In R. Douglas Arnold, Michael Graetz, and Alicia H. Munnell eds. Framing the Social Security Debate: Values, Politics, and Economics. Washington, D.C.: National Academy of Social Insurance.

Hammond, P. Brett, and Mark J. Warshawsky. 1997. "Investing in Social Security Funds in Stocks." Benefits Quarterly, third quarter, 52-65.

Munnell, Alicia H., and Pierluigi Balduzzi. 1998. "Investing the Trust Funds in Equities." Washington, D.C.: Public Policy Institute, American Association of Retired Persons.

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Should the United States Privatize Social Security?
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Introduction vii
  • Note xii
  • 1: Social Security Reform: Two Tiers Are Better Than One 1
  • Notes 51
  • References 52
  • 2: Social Security: Tune It Up, Don'T Trade It In 55
  • Conclusion 108
  • Notes 109
  • References 111
  • 3: Comments 113
  • Note 123
  • Summary 132
  • Summary 132
  • References 133
  • Alicia H. Munnell 133
  • Conclusion 144
  • References 145
  • 4: Responses 155
  • Note 159
  • Note 168
  • 5: Rejoinder 169
  • Contributors 171
  • Index 173
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