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Saving Social Security with Stocks
The Promises Don't Add Up
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Dean Baker,
The Century Foundation,
2/1/1997
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Interest has been growing in public policy circles in replacing, partially or completely, the existing Social Security system with a "privatized" system of government-mandated savings. This interest was reflected in the disparate recommendations of the January 1997 report of the Advisory Council on Social Security. Under its proposals, the federal government would require workers to divert a portion of what they now pay as Social Security taxes into private savings accounts. These proposals have been promoted as a way of dealing with the stress that an aging population will place on the Social Security system in the 21st century. Proponents argue that retirees would receive a higher rate of return on such accounts than they could expect from the Social Security system as currently structured. But many of the claims about rates of return are highly unrealistic and exaggerate the benefits of government-mandated savings.
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Edition: Paper
ISBN: db01012001
Pages: 0
Price: Free
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Taking Note
