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Social Security Liabilities

Author

Listed:
  • Edward M. Gramlich

    (Board of Governors of the Federal Reserve System)

Abstract

This paper reviews the long-term financial problems facing the U.S. Social Security system. Not only is the system out of long-term actuarial balance, but implicit rates of return on worker contributions are low and dropping. The paper discusses different approaches for dealing with the twin problems suggested by the 1994-1996 Advisory Council on Social Security, ending with a case for a middle-of-the-road approach featuring modest long-term benefit cuts and small, centrally managed, add-on individual accounts. (Copyright: Elsevier)

Suggested Citation

  • Edward M. Gramlich, 1999. "Social Security Liabilities," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(3), pages 489-497, July.
    • Handle: RePEc:red:issued:v:2:y:1999:i:3:p:489-497
    DOI: 10.1006/redy.1999.0064
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    Cited by:

    1. Klaus-Jürgen Gern, 2002. "Recent Developments in Old Age Pension Systems: An International Overview," NBER Chapters, in: Social Security Pension Reform in Europe, pages 439-478, National Bureau of Economic Research, Inc.

    More about this item

    JEL classification:

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

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