A proposal for a U.S. Social Security reform that gradually, but ultimately fully, privatizes the system. This proposal follows the no-harm, no-foul principle in that it preserves the benefits of older generations and yet promises the same or higher retirement benefits for the young.

Much attention has been paid to the significant underfunding of many state and local employee pension plans, as well as efforts by states and cities to alleviate that underfunding by modifying the benefits provided to workers. Yet relatively little attention has been paid to the systemic causes...

Much attention has been paid to the significant underfunding of many state and local employee pension plans, as well as efforts by states and cities to alleviate that underfunding by modifying the benefits provided to workers. Yet relatively little attention has been paid to the systemic causes...

The authors consider Social Security’s treatment of postwar Americans under alternative tax increases and benefit cuts that would help bring the system’s finances into present-value balance. The alternatives include immediate tax increases, eliminating the ceiling on taxable payroll,...

A treatise that draws inferences about the potential behavorial responses to means testing Social Security by examining the effects of the Supplementary Security Income program for the aged on wealth accumulation and employment.

An application of the generational accounting method of fiscal policy analysis to projected spending paths for Social Security and Medicare suggesting that, under realistic assumptions for these programs, future generations as well as current young Americans could bear a significantly larger...

An examination of the subset of public choice models for Social Security that have empirical implications. The data, collected from OECD countries for the years 1960, 1970, 1980 and 1990, show that higher median voter age, greater income heterogeneity, similarity in family size, and variables...

Does it pay to work? This is a tough question because of the complexity of the tax code and the plethora of dynamic linkages involved: 1) Earning more today typically alters current saving and, therefore, future capital income taxes. 2) Earning more today generally alters future consumption and,...

An examination of how intergenerational altruism and borrowing constraints shape the interest rate, savings, and welfare response to funded and unfunded Social Security programs.

How much should Americans save prior to retirement? Given Social Security's shaky financial condition, this is a critical question for baby boomers. A financial planning program-ESPlanner-is applied to data from the Health and Retirement Survey (HRS) to consider the amount that households...