Social Security: Prospects for Real Reform
Social Security: Prospects for Real Reform by Peter J. Ferrara
English | Nov. 1984 | ISBN: 0932790453 | 236 Pages | PDF | 4 MB
English | Nov. 1984 | ISBN: 0932790453 | 236 Pages | PDF | 4 MB
Those who retired in the early years of social security received high, above-market returns through the program on the limited social security taxes they paid during their working years. Although today's retirees are receiving less of a good deal, they are still enjoying above-market returns . But those now entering the work force will receive unacceptably low, below-market returns, negative in many cases, even in the unlikely event that they receive all the program's currently promised benefits . l In this chapter we will discuss why this pattern of returns is an inevitable result of social security's fundamental method of operation . We will then present empirical calculations indicating that the program does, in fact, offer today's young workers low, belowmarket returns.