Structural reform of Social Security:

"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 distribute...

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Bibliographische Detailangaben
1. Verfasser: Feldstein, Martin S. 1939-2019 (VerfasserIn)
Format: Buch
Sprache:English
Veröffentlicht: Cambridge, Mass. National Bureau of Economic Research 2005
Schriftenreihe:National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11098
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Zusammenfassung:"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.
Beschreibung:40 S.

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