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In Defense of Pay-as-You-Go (Paygo) Financing of Social Security

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  • Robert Brown

Abstract

Today’s proposals to create larger social security funds and then invest them in the private sector are intended to create more rapid economic growth, which would make it easier to pay social security benefits in the long run. These proposals are also aimed at enhancing intergenerational equity by making today’s workers pay for a greater proportion of their future benefits.The important public policy issues inherent in such proposals are numerous: questions of whether prefunded social security plans are demographically immune; whether prefunding social security can increase gross national savings and worker productivity; whether there are better ways to create a healthy economy; whether social security is best offered as a defined-benefit plan or a defined-contribution plan. This paper explores each of these important public policy issues in the context of the social security systems of Canada and the U.S.

Suggested Citation

  • Robert Brown, 1997. "In Defense of Pay-as-You-Go (Paygo) Financing of Social Security," North American Actuarial Journal, Taylor & Francis Journals, vol. 1(4), pages 1-13.
    • Handle: RePEc:taf:uaajxx:v:1:y:1997:i:4:p:1-13
    DOI: 10.1080/10920277.1997.10595634
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