Citation

Personal Accounts in Social Security that Liberals As Well As Conservatives Should Support

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Abstract:

The theory of this proposal is that Social Security should be funded, rather than the present pay-as-you-go, to get the benefits of compound interest.
It should also include defined contributions into personal accounts, rather than the older defined benefit model, because it is so hard to get defined benefit right (as indicated by the financial problems of so many public and private defined benefit pension plans).
The personal accounts should be privately administered, not government controlled, because of our tradition of diffusing power.
To be secure, the payout of the funds should be guaranteed: Existing Social Security benefits will continue, but the payout from the personal accounts will be credited against that entitlement.
For this guarantee to be practical, contributions must be required, they must be invested only in broadly diversified low-cost index funds, there must be no changes in investments other than rebalancing and becoming more conservative with age, and payouts must be only when Social Security pays out and only as annuities.
Where the Social Security trust funds have little meaning (invested in U.S. Treasury bonds, the trust funds are like a debtor claiming that the debtor’s own IOUs are assets), these personal accounts will eventually pay more than Social Security promises (but is projected to be unable to deliver), and they will be more secure because the government promise will be backed up by valuable assets.
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Association:
Name: The Law and Society Association
URL:
http://www.lawandsociety.org


Citation:
URL: http://citation.allacademic.com/meta/p495848_index.html
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MLA Citation:

Waggoner, Michael. "Personal Accounts in Social Security that Liberals As Well As Conservatives Should Support" Paper presented at the annual meeting of the The Law and Society Association, Westin St. Francis Hotel, San Francisco, CA, May 30, 2011 <Not Available>. 2014-11-25 <http://citation.allacademic.com/meta/p495848_index.html>

APA Citation:

Waggoner, M. , 2011-05-30 "Personal Accounts in Social Security that Liberals As Well As Conservatives Should Support" Paper presented at the annual meeting of the The Law and Society Association, Westin St. Francis Hotel, San Francisco, CA <Not Available>. 2014-11-25 from http://citation.allacademic.com/meta/p495848_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: The theory of this proposal is that Social Security should be funded, rather than the present pay-as-you-go, to get the benefits of compound interest.
It should also include defined contributions into personal accounts, rather than the older defined benefit model, because it is so hard to get defined benefit right (as indicated by the financial problems of so many public and private defined benefit pension plans).
The personal accounts should be privately administered, not government controlled, because of our tradition of diffusing power.
To be secure, the payout of the funds should be guaranteed: Existing Social Security benefits will continue, but the payout from the personal accounts will be credited against that entitlement.
For this guarantee to be practical, contributions must be required, they must be invested only in broadly diversified low-cost index funds, there must be no changes in investments other than rebalancing and becoming more conservative with age, and payouts must be only when Social Security pays out and only as annuities.
Where the Social Security trust funds have little meaning (invested in U.S. Treasury bonds, the trust funds are like a debtor claiming that the debtor’s own IOUs are assets), these personal accounts will eventually pay more than Social Security promises (but is projected to be unable to deliver), and they will be more secure because the government promise will be backed up by valuable assets.


Similar Titles:
A System of Personal Accounts in Social Security that Progressives Should Support

Evidence for Rural Disadvantage in Informal Social Support for Older Persons and their Well-Being

The Allure of Liberalism: Threats to Personal Control Increase Support for Liberal Economic (but not Social) Policies


 
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