We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Is the Only Way to Save Social Security to Destroy It?
- Authors
Myers, Robert J.
- Abstract
The article presents a discussion of the drive to privatize social security, in particular the views that were presented in the book on this subject entitled "Promises to Keep: Saving Social Security's Dream," by Marshall N. Carter and William G. Shipman. The existing Social Security program is inevitably doomed, because it will have cash flow deficits beginning in about 2013 and ever-increasing thereafter, to $4.5 trillion in 2060, and the trust fund assets will be exhausted by 2030. The use of the year 2013 as a problem point is fallacious; that is when income from taxes first falls short of outgo. The ratio of workers to beneficiaries has fallen precipitously in the past and will drop further in the future to 1.9:1 in 2060. The social security unfunded liability can be actuarially computed under several different concepts yielding quite different, yet equally valid, results. It is most important that the long-range solvency of the social security program as measured by the intermediate cost estimate should be restored as soon as possible.
- Subjects
SOCIAL security; PROMISES to Keep: Saving Social Security's Dream (Book); CASH flow; ECONOMIC security; COST accounting; ACTIVITY-based costing
- Publication
Benefits Quarterly, 1997, Vol 13, Issue 3, p40
- ISSN
8756-1263
- Publication type
Article