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Journal of Economic Perspectives: Vol. 10 No. 3 (Summer 1996)

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Different Approaches for Dealing with Social Security

Article Citation

Gramlich, Edward M. 1996. "Different Approaches for Dealing with Social Security." Journal of Economic Perspectives, 10(3): 55-66.

DOI: 10.1257/jep.10.3.55

Abstract

This paper discusses the report of the 1994 Quadrennial Advisory Council on Social Security, of which the author was chair. The system is out of long-term actuarial balance and, as a maturing defined benefit pay-as-you-go system, is giving younger cohorts ever lower returns on their payroll contributions. The council suggested three approaches--each of which involves higher national saving and a way to get some retirement funds invested in equities. One of these approaches preserves the present benefit structure, one shifts to large-scale individual accounts, and one is a hybrid.

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Authors

Gramlich, Edward M. (U MI)

JEL Classifications

H55: Social Security and Public Pensions

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