Journal of Economic Perspectives: Vol. 10 No. 3 (Summer 1996)
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Different Approaches for Dealing with Social Security
Gramlich, Edward M. 1996. "Different Approaches for Dealing with Social Security." Journal of Economic Perspectives, 10(3): 55-66.
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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Gramlich, Edward M. (U MI)
H55: Social Security and Public Pensions
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