Funding Social Security
A Strategic Alternative
By (author) Laurence S. Seidman
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Funding Social Security by Laurence S. Seidman
Book DescriptionA serious consideration of the debate on social security reform that is taking place in many countries around the world. Professor Seidman advocates the concept of 'funded social security' as a middle position between pay-as-you-go (PAYGO) social security and privatized social security, and constitutes a politically strategic alternative. His analysis covers two distinct components, fund accumulation and portfolio diversification. The concept of funded social security uses a mix of payroll taxes and portfolio investment income to finance benefits. With funded social security, the government contracts with private investment firms to manage the portfolio of the social security trust fund. It is entirely a defined-benefit plan without any individual defined-contribution accounts; each retiree's benefit is linked by a legislated formula to the retiree's own wage history. The benefit is an annuity - an annual benefit that continues as long as the retiree (or spouse) lives - and is automatically adjusted annually for inflation.
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Book DetailsISBN: 9780521652452
(228mm x 152mm x 16mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 13-Apr-1999
Country of Publication: United Kingdom
Books By Author Laurence S. Seidman
Economic Parables and Policies, Paperback (February 2004)
In this edition of his text, Laurence Seidman refocuses on important economic issues the United States faces in the 21st century. Writing in a conversational style, he introduces professor-requested supply-and-demand and production possibility-frontier diagrams to illustrate the updated micro- and macroeconomic topics.
Automatic Fiscal Policies to Combat Recessions, Paperback (February 2003)» View all books by Laurence S. Seidman
Offers fiscal policy options that can complement automatic stabilizers and counter-cyclical monetary policy to combat recessions. It argues for an independent fiscal policy board or the Federal Reserve to decide changes in the magnitude of Congress' fiscal policy package of stimulus or restraint.
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