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Structural reform of social security / Martin Feldstein

Author
Feldstein, Martin S.
Published
Cambridge, Mass. : National Bureau of Economic Research, [2005]
Copyright Date
©2005
Physical Description
40 pages ; 22 cm.
Additional Creators
National Bureau of Economic Research
Online Version

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Summary
"Governments around the world have enacted or are currently considering fundamental structural reforms of their social security pension programs. The key feature in these reforms is a shift from a pure pay-as-you-go tax-financed system, in which taxes on current workers are primarily distributed to current retirees, to a mixed system that combines pay-as-you-go benefits with investment-based personal retirement accounts. This paper discusses how such a mixed system could work in practice and how the transition to such a change could be achieved. It then analyzes the economic gains that would result from shifting to a mixed system. I turn next to the three problems that critics raise about any investment-based plan: administrative costs, risk, and income distribution. Finally, I comment on some of the ad hoc proposals for dealing with the financial problem of social security without shifting to an investment-based system"--National Bureau of Economic Research web site.
Subject(s)
Note
"February 2005."
Bibliography Note
Includes bibliographical references (pages 36-40).
Other Forms
Also available in PDF from the NBER world wide web site (www.nber.org).
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