A New Deal for Social SecurityThis book traces Social Security from its inception to its current crisis, showing that the program's problems are the result of a fundamental flaw in its design. Social Security taxes are not saved or invested in any way. Instead, taxes paid by today's workers are used to pay benefits to today's retirees. Workers have to hope that when they retire another generation of workers will pay the taxes to provide their benefits. Like any pyramid scheme, this system cannot be sustained in the face of changing demographics. |
Contents
| 1 | |
| 13 | |
The Financial Crisis | 37 |
A Bad Deal for Todays Workers | 59 |
The Poor Minorities Women and Families | 95 |
Social Security and the Economy | 111 |
Social Security Privatization around the World | 129 |
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accumulated Administration African Americans American amount annuity assets billion budget capital Cato Institute Cato Institute Social chapter Chile Chilean contributions costs Crisis in Social deficit disability benefits discussed earns the average economic growth effect employees federal finance the transition fully funded system government bonds Ibid individual invested system investors José Piñera labor Laurence Kotlikoff low-income workers Martin Feldstein ment Milton Friedman Moreover old-age pension paid pay-as-you-go pay-as-you-go system payroll tax Peter Ferrara Policy private option private retirement private system privately invested privatization of Social Privatizing Social Security promised benefits rate of return real rate receive reduced result retirement accounts retirement age retirement benefits returns and benefits Roosevelt Secu Security trust funds Shipman social insurance Social Security Administration Social Security benefits Social Security Reform Social Security system Social Security taxes Social Security trust Social Security's surplus survivors tax increase trillion wages Washington William Shipman