Framing the Social Security Debate: Values, Politics, and Economics (Conference of the National Academy of Social Insurance)

In his 1998 State of the Union address, President Clinton challenged Americans to a public debate about how to fix the long-term financial problems of Social Security. This annual volume of the National Academy of Social Insurance provides a framework for that debate. Competing reform proposals reflect contrasting views about the nature of the Social Security problem and how to solve it. This book examines issues about privatization, national savings and economic growth, the political risks and realities in reforms, lessons from private pensions developments in the United States, and the efforts of other advanced industrial countries to adapt their old-age pensions to an aging population. It also poses philosophical arguments about collective versus individual responsibility and the implications of market risks and political risks for stable and secure retirement income policy. The contributors are Theo Angelis, Michael J.Boskin, Peter A. Diamond, John Geanakoplos, Hugh Heclo, Karen C. Holden, Howell Jackson, Olivia Mitchell, Dallas L. Salisbury, Lawrence H. Thompson, Kent Weaver, and Stephen P. Zeldes, R. Douglas Arnold is professor of politics and public affairs at Princeton University. Michael Graetz is Justus S. Hotchkiss Professor of Law at Yale University. Alicia H. Munnell is Peter F. Drucker Professor of Management Sciences at Boston College's Carroll School of Management. Competing Reform Proposals Reflect Contrasting Views About The Nature Of The Social Security Problem And How To Solve It. This Book Examines Issues About Privatization, National Savings And Economic Growth, The Political Risks And Realities In Reforms, Lessons From Private Pension Developments In The United States, And The Efforts Of Other Advanced Industrial Countries To Adapt Their Old-age Pensions To An Aging Population. It Also Poses Philosophical Arguments About Collective Versus Individual Responsibility And The Implications Of Market Risks And Political Risks For Stable And Secure Retirement Income Policy. Values, Politics, And Economics In Social Security Reform. A Framework For Considering Social Security Reform / Michael J. Boskin -- The Economics Of Social Security Reform / Peter A. Diamond -- A Political Science Perspective On Social Security Reform / Hugh Heclo -- Pensions And Savings : In What Form? Employers And Individuals Must Do More Today To Allow Retirement Tomorrow / Dallas L. Salisbury -- Social Security : In What Form? Individual Uncertainty In Retirement Income Planning Under Different Public Pension Regimes / Lawrence H. Thompson -- Would A Privatized Social Security System Really Pay A Higher Rate Of Return? / John Geanakoplos, Olivia Mitchell, And Stephen P. Zeldes -- Insuring Against The Consequences Of Widowhood In A Reformed Social Security System / Karen C. Holden And Cathleen Zick -- Insights From Social Security Reform Abroad. The Politics Of Pensions : Lessons From Abroad / R. Kent Weaver -- Public Investment In Private Markets. Investing Public Money In Private Markets : What Are The Right Questions? / Theodore J. Angelis -- Public Opinion And The Politics Of Reforming Social Security. Myths And Misunderstandings About Public Opinion Toward Social Security / Lawrence R. Jacobs And Robert Y. Shapiro -- The Political Feasibility Of Social Security Reform / R. Douglas Arnold. R. Douglas Arnold, Michael J. Graetz, Alicia H. Munnell, Editors. Papers Presented At The Tenth Annual Conference Of The National Academy Of Social Insurance, Held In Washington D.c., On Jan. 29-30, 1998. Includes Bibliographical References And Index. Introduction / Alice H. Munnell Values, politics, and economics in social security reform. A framework for considering social security reform / Michael J. Boskin The economics of social security reform / Peter A. Diamond A political science perspective on social security reform / Hugh Heclo Penions and savings : in what form? / Dallas L. Salisbury Defined contribution plans : risky business for plan participant / Regina T. Jefferson (discussant) Questionable model for social security. Social security : in what form? Individual uncertainty in retirement income planning under different public pension regimes / Lawrence H. Thompson Would privatized social security system really pay a higher rate of return? / John Geanakoplos, Olivia Mitchell, and Stephen P. Zeldes Insuring against the consequences of widowhood in a reformed social security system / Karen C. Holden Comments / Sylvester J. Schieber (discussant) Comments / Henry J. Aaron (discussant) Insights from social security reform abroad. The politics of pensions : lessons from abroad / R. Kent Weaver The pension reform process in the United Kingdom / Richard Disney (discussant) Reforming public pension / John Myles (discussant) Social security pension reforms in Germany / Winfried Schmähl (discussant) The Canadian experience / David Walker (discussant) Public investment in private markets. Investing public money in private markets : what are the right questions? / Theodore J. Angelis Comments / Warren L. Batts (discussant) Comments / Francis X. Cavanaugh (discussant) Regulatory problems in privatizing social / Howell E. Jackson (discussant) Comments / Ian Lanoff (discussant) Public opinion and the politics of reforming social security Myths and misunderstandings about public opinion toward social security : knowledge, support, and reformism The political feasibility of social security reform / R. Douglas Arnold. In his 1998 State of the Union address, President Clinton challenged Americans to a public debate about how to fix the long-term financial problems of Social Security. This annual volume of the National Academy of Social Insurance provides a framework for that debate. Competing reform proposals reflect contrasting views about the nature of the Social Security problem and how to solve it. This book examines issues about privatization, national savings and economic growth, the political risks and realities in reforms, lessons from private pensions developments in the United States, and the efforts of other advanced industrial countries to adapt their old-age pensions to an aging population. It also poses philosophical arguments about collective versus individual responsibility and the implications of market risks and political risks for stable and secure retirement income policy. The contributors are Theo Angelis, Michael J. Boskin, Peter A. Diamond, John Geanakoplos, Hugh Heclo, Karen C. Holden, Howell Jackson, Olivia Mitchell, Dallas L. Salisbury, Lawrence H. Thompson, Kent Weaver, and Stephen P. Zeldes. Copublished with the National Academy of Social Insurance