Saving Social Security: A Balanced Approach / Edition 1

Saving Social Security: A Balanced Approach / Edition 1

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Brookings Institution Press
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Saving Social Security: A Balanced Approach / Edition 1

While everyone agrees that Social Security is a vital and necessary government program, there have been widely divergent plans for reforming it. Peter A. Diamond and Peter R. Orszag, two of the nation's foremost economists, propose a reform plan that would rescue the program both from its projected financial problems and from those who would destroy the program in order to save it. vi ng Social Security's's strategy balances benefit and revenue adjustments, following the precedent set by the last major Social Security reform in the early 1980s. The authors' proposal restores long-term balance and sustainable solvency to the program without imposing additional burdens on the rest of the budget. Further, it protects disability and young survivor benefits and strengthens Social Security's protections for low earners and widows. Most important, the plan preserves the program's core social insurance role by providing a base-level of assured income to American workers and their families in time of need. To better understand the accomplishments and financial problems of Social Security, Diamond and Orszag provide background on the program, as well as on the causes of the long-term deficit. They suggest ways in which various alternative reform plans should be evaluated and explain the shortcomings of proposals to replace part of Social Security with individual accounts. Saving Social Security is essential reading for policymakers involved in reform, analysts, students, and all those interested in the fate of this safeguard of American lives.

Product Details

ISBN-13: 9780815718383
Publisher: Brookings Institution Press
Publication date: 12/28/2003
Pages: 287
Product dimensions: 6.00(w) x 9.00(h) x (d)

Table of Contents

Saving Social Security:  An Update
1. Introduction
2. A Brief Overview of Social Security
3. Goals for Social Security Reform
4. Social Security's Long-Term Deficit
5. A Three-Part Plan to Shore Up Social Security
6. Strengthening Social Security's Effectiveness as Social Insurance
7. Implications for Benefits and Revenue
8. Individual Accounts
9. Questions and Answers about Our Balanced Reform Plan
10. Conclusions
A. Social Security and National Saving
B. Trends in Retirement Age
C. How the Legacy Debt Arose:  A Simplified Example
D. Characteristics of Tax-Favored Defined-Contribution Plans
E. Should the Trust Fund Invest in the Stock Market?
F. Comparisons with Models 2 and 3 of the President's Commission
G. Memorandum from the Office of the Chief Actuary
H. Long-Term Analysis of the Diamond-Orszag Social Security Plan

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