Redistribution In The Current Us Social Security System

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Redistribution in the Current U.S. Social Security System

Author : Jeffrey B. Liebman
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Redistribution in the Current U.S. Social Security System by : Jeffrey B. Liebman

Download or read book Redistribution in the Current U.S. Social Security System written by Jeffrey B. Liebman and published by . This book was released on 2001 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because its benefit formula replaces a greater fraction of the lifetime earnings of lower earners than of higher earnings, Social Security is generally thought to be progressive, providing However, much of the intra-cohort redistribution in the U.S. Social Security system is related to factors other than lifetime income. Social Security transfers income from people with low life expectancies to people with high life expectancies, from single workers and from married couples with substantial earnings by the secondary earner to married one-earner couples, and from people who work for more than 35 years to those who concentrate their earnings in 35 or fewer years. This paper studies the redistribution accomplished in the retirement portion of the current U.S. Social Security system using a microsimulation model built around a match of the 1990 and 1991 Surveys of Income and Program Participation to Social Security administrative earnings and benefit records. The model simulates the distribution of internal rates of returns, net transfers, and lifetime net tax rates from Social Security that would have been received by members of the 1925 to 1929 birth cohorts if they had lived under current Social Security rules for their entire lives. The paper finds that annual income-related transfers from Social Security are only 5 to 9 percent of Social Security benefits paid, or $19 to $34 billion, at 2001 aggregate benefits levels, when taxes and benefits are discounted at the cohort rate of return of 1.29 percent. At higher discount rates, Social Security appears to be more redistributive by some measures, and less redistributive by others. Because much of the redistribution that occurs through Social Security is not related to income, the range of transfers received at a given level of lifetime income is quite wide. For example, 19 percent of individuals in the top lifetime income quintile receive net transfers that are greater than the average transfer for people in the lowest lifetime income quintile.

The Distributional Aspects of Social Security and Social Security Reform

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241890
Total Pages : 481 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis The Distributional Aspects of Social Security and Social Security Reform by : Martin Feldstein

Download or read book The Distributional Aspects of Social Security and Social Security Reform written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-11-01 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social security is the largest and perhaps the most popular program run by the federal government. Given the projected increase in both individual life expectancy and sheer number of retirees, however, the current system faces an eventual overload. Alternative proposals have emerged, ranging from reductions in future benefits to a rise in taxrevenue to various forms of investment-based personal retirement accounts. As this volume suggests, the distributional consequences of these proposals are substantially different and may disproportionately affect those groups who depend on social security to avoid poverty in old age. Together, these studies persuasively show that appropriately designed investment-based social security reforms can effectively reduce the long-term burden of an aging society on future taxpayers, increase the expected future income of retirees, and mitigate poverty rates among the elderly.

Privatizing Social Security

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241823
Total Pages : 484 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis Privatizing Social Security by : Martin Feldstein

Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest

Income Redistribution from Social Security

Author : Don Fullerton
Publisher : A E I Press
ISBN 13 :
Total Pages : 92 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Income Redistribution from Social Security by : Don Fullerton

Download or read book Income Redistribution from Social Security written by Don Fullerton and published by A E I Press. This book was released on 2005 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors assess the importance of knowing as much as possible about how the current Social Security system redistributes money in practice and to whom.

A Challenge to Social Security

Author : Richard V. Burkhauser
Publisher : Elsevier
ISBN 13 : 1483261263
Total Pages : 299 pages
Book Rating : 4.4/5 (832 download)

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Book Synopsis A Challenge to Social Security by : Richard V. Burkhauser

Download or read book A Challenge to Social Security written by Richard V. Burkhauser and published by Elsevier. This book was released on 2013-10-22 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Challenge to Social Security: The Changing Roles of Women and Men in American Society is a collection of papers that deals with social security reform. The papers concern insurance and pure income transfer aspects of various proposals and the assumptions regarding the family and work behavior found in each proposal. The proposed reforms attempt to fix the shortcomings of the Old Age, Survivors Insurance (OASI) Program, sometimes at the expense of reducing the subsidy for women who remain at home, or through alterations of the subsidy's nature. Other papers discuss the current spouse benefits under the dual entitlement rule; homemaker credits; child-care drop-out years; and one going against the grain, earnings sharing. One paper sees earning sharing as the only way to provide security to the homemaker without being unfair to the working wife. Other papers tackle the issues of women and a two-tier social security system; the double-decker alternative to eliminate dependency under social security; and the social security reform from a feminist's perspective. This collection can prove useful for economists, sociologists, political scientists, and policy makers involved in welfare and social security.

Report of the National Commission on Social Security Reform

Author : United States. National Commission on Social Security Reform
Publisher :
ISBN 13 :
Total Pages : 298 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis Report of the National Commission on Social Security Reform by : United States. National Commission on Social Security Reform

Download or read book Report of the National Commission on Social Security Reform written by United States. National Commission on Social Security Reform and published by . This book was released on 1983 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Public Finance and Public Policy

Author : Jonathan Gruber
Publisher : Macmillan
ISBN 13 : 9780716786559
Total Pages : 806 pages
Book Rating : 4.7/5 (865 download)

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Book Synopsis Public Finance and Public Policy by : Jonathan Gruber

Download or read book Public Finance and Public Policy written by Jonathan Gruber and published by Macmillan. This book was released on 2005 with total page 806 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapters include: "Income distribution and welfare programs", "State and local government expenditures" and "Health economics and private health insurance".

Public Policy and the Income Distribution

Author : Alan J. Auerbach
Publisher : Russell Sage Foundation
ISBN 13 : 9780871540461
Total Pages : 426 pages
Book Rating : 4.5/5 (44 download)

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Book Synopsis Public Policy and the Income Distribution by : Alan J. Auerbach

Download or read book Public Policy and the Income Distribution written by Alan J. Auerbach and published by Russell Sage Foundation. This book was released on 2006-01-23 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Public Policy and the Income Distribution tackles many of the most difficult and intriguing questions about how government intervention - or lack thereof - has affected the incomes of everyday Americans. The twentieth century was remarkable in the extent to which advances in public policy helped improve the economic well being of Americans. Synthesizing existing knowledge on the effectiveness of public policy and contributing valuable new research, Public Policy and the Income Distribution examines public policy's successes, and points out the areas in which progress remains to be made."--BOOK JACKET.

Redistribution Under the Current Social Security System

Author : Kathryn L. Moore
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Redistribution Under the Current Social Security System by : Kathryn L. Moore

Download or read book Redistribution Under the Current Social Security System written by Kathryn L. Moore and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article describes how the current Social Security system redistributes income. It begins by describing the role Social Security has played in lifting the elderly, and particularly women, minorities, and lower-income workers, out of poverty. It then analyzes how four elements of the current system: (1) the method by which benefits are paid; (2) the progressive benefit formula; (3) disability benefits; and (4) auxiliary benefits, affect these groups.

What We Owe Each Other

Author : Minouche Shafik
Publisher : Princeton University Press
ISBN 13 : 069120764X
Total Pages : 256 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis What We Owe Each Other by : Minouche Shafik

Download or read book What We Owe Each Other written by Minouche Shafik and published by Princeton University Press. This book was released on 2022-08-23 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.

Reappraising Social Security

Author : Jeffrey D. Dunn
Publisher :
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Reappraising Social Security by : Jeffrey D. Dunn

Download or read book Reappraising Social Security written by Jeffrey D. Dunn and published by . This book was released on 1981 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Distributional Effects of an Investment-based Social Security System

Author : Martin S. Feldstein
Publisher :
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis The Distributional Effects of an Investment-based Social Security System by : Martin S. Feldstein

Download or read book The Distributional Effects of an Investment-based Social Security System written by Martin S. Feldstein and published by . This book was released on 2000 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we study the distributional impact of a change from the existing pay-as-you-go Social Security system to one that combines both pay-as-you-go and investment-based elements. Critics of investment-based plans have been concerned that such plans might reduce the retirement income of low-paid workers or of surviving spouses relative to what they would get from Social Security, and might therefore increase the extent of poverty among the aged. Our analysis in this paper shows that this is generally not the case, even in plans that make no special effort to maintain or increase redistribution. Our principal finding is that virtually all of the demographic groups that we examine would receive higher average benefits under a mixed system with an investment-based component than the benefits that they would receive under current Social Security rules. There would also be a smaller share of individuals with benefits below the poverty line even though the total cost of funding the mixed system -- a three percent saving contribution rather than a six percent rise in the tax rate -- is substantially lower than that of funding the pay-as-you-go system. Our individual-level data permit us to go beyond comparing group means to analyze the full distribution of the benefits that individuals would receive under the two different systems. These comparisons show that the overwhelming majority of individuals would have higher benefits with the investment-based system than with the pure pay-as-you-go system. The relatively small number of individuals who would receive less from the investment-based system is further reduced when the effects of the Supplementary Security Income program is taken into account. These basic conclusions remain true even if the future rate of return in the investment-based component of the mixed system is substantially less than past experience implies.

Retooling Social Security for the 21st Century

Author : C. Eugene Steuerle
Publisher : The Urban Insitute
ISBN 13 : 9780877666028
Total Pages : 358 pages
Book Rating : 4.6/5 (66 download)

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Book Synopsis Retooling Social Security for the 21st Century by : C. Eugene Steuerle

Download or read book Retooling Social Security for the 21st Century written by C. Eugene Steuerle and published by The Urban Insitute. This book was released on 1994 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Study of the Social Security debate arguing that Social Security needs reform and offering a blueprint for implementing them to meet today's and tomorrow's needs.

Designing Fiscal Redistribution: The Role of Universal and Targeted Transfers

Author : Mr.David Coady
Publisher : International Monetary Fund
ISBN 13 : 1513547046
Total Pages : 27 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Designing Fiscal Redistribution: The Role of Universal and Targeted Transfers by : Mr.David Coady

Download or read book Designing Fiscal Redistribution: The Role of Universal and Targeted Transfers written by Mr.David Coady and published by International Monetary Fund. This book was released on 2020-06-26 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a growing debate on the relative merits of universal and targeted social assistance transfers in achieving income redistribution objectives. While the benefits of targeting are clear, i.e., a larger poverty impact for a given transfer budget or lower fiscal cost for a given poverty impact, in practice targeting also comes with various costs, including incentive, administrative, social and political costs. The appropriate balance between targeted and universal transfers will therefore depend on how countries decide to trade-off these costs and benefits as well as on the potential for redistribution through taxes. This paper discusses the trade-offs that arise in different country contexts and the potential for strengthening fiscal redistribution in advanced and developing countries, including through expanding transfer coverage and progressive tax financing.

Redistribution and the Welfare System

Author : Edgar K. Browning
Publisher : American Enterprise Institute Press
ISBN 13 :
Total Pages : 158 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Redistribution and the Welfare System by : Edgar K. Browning

Download or read book Redistribution and the Welfare System written by Edgar K. Browning and published by American Enterprise Institute Press. This book was released on 1975 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph on income redistribution and the welfare system in the USA - analyses the impact of the social assistance scheme on wage rate, income distribution, standard of living and poverty. References and statistical tables.

Distributional Impacts of Proposed Changes to the Social Security System

Author : Don Fullerton
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (246 download)

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Book Synopsis Distributional Impacts of Proposed Changes to the Social Security System by : Don Fullerton

Download or read book Distributional Impacts of Proposed Changes to the Social Security System written by Don Fullerton and published by . This book was released on 1999 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we assess the degree to which the current social security system redistributes income from rich to poor. We then estimate the impact of various proposed changes to social security on the overall redistributive effect of the system. Our analysis takes a steady state approach in which we assume participants work their entire lives and retire under a given system. Redistribution is measured on a lifetime basis using estimated earnings profiles for a sample of people taken from the PSID. We account for differential mortality, not only by gender and race, but also be lifetime income. Our results indicate that the current social security system redistributes less than is generally perceived, mainly because people with higher lifetime income live longer and therefore draw benefits longer. Remaining progressivity is reduced and even reversed by an increase in the assumed discount rate, since regressive taxes become more important relative to later progressive benefits. We find that many of the proposed changes to social security have surprising little effect on the redistribution inherent in the system

Fiscal Redistribution and Social Welfare

Author : Mr.David Coady
Publisher : International Monetary Fund
ISBN 13 : 1484398084
Total Pages : 30 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Fiscal Redistribution and Social Welfare by : Mr.David Coady

Download or read book Fiscal Redistribution and Social Welfare written by Mr.David Coady and published by International Monetary Fund. This book was released on 2019-03-08 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal policy is a key tool for achieving distributional objectives in advanced economies. This paper embeds the discussion of fiscal redistribution within the standard social welfare framework, which lends itself to a transparent and practical evaluation of the extent and determinants of fiscal redistribution. Differences in fiscal redistribution are decomposed into differences in the magnitude of transfers (fiscal effort) and in the progressivity of transfers (fiscal progressivity). Fiscal progressivity is further decomposed into differences in the distribution of transfers across income groups (targeting performance) and in the social welfare returns to targeting due to varying initial levels of income inequality (targeting returns). This decomposition provides a clear distinction between the concepts of progressivity and targeting, and clarifies the relationship between them. For illustrative purposes, the framework is applied to data for 28 EU countries to determine the factors explaining differences in their fiscal redistribution and to discuss patterns in fiscal redistribution highlighted in the literature.