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What fiscal surplus?

Author

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  • Jagadeesh Gokhale

Abstract

Proposals to shore up Social Security using future budget surpluses neglect to mention that Social Security itself produces these surpluses. Moreover, the projected budget surplus is dwarfed by Social Security's present shortfall of $7 trillion-$10 trillion, which consists of the benefits that living adults will receive minus their payroll tax payments. This shortfall represents an addition to living adults' wealth that has encouraged greater current consumption, lowered national saving, and widened trade deficits.

Suggested Citation

  • Jagadeesh Gokhale, 1998. "What fiscal surplus?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Sep.
    • Handle: RePEc:fip:fedcec:y:1998:i:sep15
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    Cited by:

    1. Strauß, Hubert M., 1999. "Stock Market Wealth, Private Saving, and the Current Account in the United States: Should We Worry?," Kiel Working Papers 963, Kiel Institute for the World Economy (IfW Kiel).

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    Keywords

    Social security; Budget;

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