Issues in Privatizing Social Security: Report of an Expert Panel of the National Academy of Social Insurance / Edition 1

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1999 Hard cover New in fine dust jacket. Sewn binding. Cloth over boards. 186 p. Contains: Illustrations. Audience: General/trade. NEW; slightly shelf worn & aged.

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Overview

Two types of changes to Social Security have been proposed. One would keep the current defined-benefit structure but build and maintain a larger trust fund, to be partially invested in stocks and corporate bonds. The other would set up individual funded accounts, also to be partially invested in private markets. Both would raise taxes or lower benefits in the near term to increase funds for paying future benefits.. "This study addresses many important aspects of these politically charged proposals. The questions discussed include: Should Social Security have more advance funding? Should Social Security funds be invested in the stock market? If investments are organized by the government, what independent institutions would shield portfolio decisions and corporate governance from political pressures? If investments are privately organized, what would be the regulatory structure? Finally should Social Security include individual defined-contribution accounts or stay with traditional defined benefits?.
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Product Details

  • ISBN-13: 9780262041775
  • Publisher: MIT Press
  • Publication date: 6/25/1999
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 186

Meet the Author

Peter Diamond is John and Jennie S. McDonald Professor of Economics at MIT. He received the
2010 Nobel Prize in Economics.
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Table of Contents

Preface
Executive Summary 1
Introduction 33
Background 33
Report Scope and Organization 37
Question 1 Advance Funding vs. Pay-As-You-Go 39
1.1 Social Security Finances 39
1.2 Increased Advance Funding and National Savings 42
Question 2 Investment Policy 47
2.1 Individual Portfolio Choice and Returns 47
2.2 Risks and Returns with Trust Fund Investment in Stocks and Corporate Bonds 50
2.3 Money's Worth and Investment in Stocks 52
2.4 Effects on the Aggregate Economy of Trust Fund 54
2.5 Structural and Political Issues Associated with Private Investment 58
Question 3 Individual Accounts vs. Single Collective Fund 67
3.1 Administrative Structure and Costs 67
Box: Tasks in Implementing Individual Accounts 69
3.2 An Illustrative Low-Cost/Low-Services Plan 75
3.3 Economics of Accumulation 83
3.4 Benefit Structure 90
3.5 Individual Values 96
3.6 Political Concerns 97
3.7 Recapping 108
Question 4 Issues of Choice 111
4.1 Choice in Investment Options 111
4.2 Choice of Annuitization 114
4.3 Voluntary Individual Accounts 119
Question 5 Private vs. Government Collection, Management, and Distribution 123
5.1 Collection 123
5.2 Organization of Accounts 127
5.3 Annuitization 134
Conclusion 137
Glossary 141
Notes 151
References 159
Appendixes A and B 163
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