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Different Approaches for Dealing with Social Security

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  • Gramlich, Edward M

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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Suggested Citation

  • Gramlich, Edward M, 1996. "Different Approaches for Dealing with Social Security," American Economic Review, American Economic Association, vol. 86(2), pages 358-362, May.
    • Handle: RePEc:aea:aecrev:v:86:y:1996:i:2:p:358-62
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    1. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66(6), pages 467-467.
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    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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