Constantinides, G. M.; Donaldson, J. B.; Mehra, R. - In: Annals of Finance 1 (2005) 1, pp. 1-34
Proposals that a portion of the Social Security Trust Fund assets be invested in equities entail the possibility that a severe decline in equity prices will render the Fund’s assets insufficient to provide the currently mandated level of benefits. In this event, existing taxpayers may be...