Peter A. Diamond - Social Security: What Role for the Future? (Conference of the National Academy of Social Insurance)
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Social Security: What Role for the Future? (Conference of the National Academy of Social Insurance)
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Edited by Peter A. Diamond David C. Lindeman Howard Young
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Copyright 1996
NATIONAL ACADEMY OF SOCIAL INSURANCE 1776 Massachusetts Avenue, N.W., Washington, D.C. 20036 Distributed worldwide by THE BROOKINGS INSTITUTION 1775 Massachusetts Avenue, N.W., Washington, D.C. 20036-2188, U.S.A.
All rights reserved
Library of Congress Cataloging-in-Publication Data Social security : what role for the future? / Peter Diamond, David C. Lindeman, Howard Young, eds. p. cm. Includes bibliographical references and index. ISBN 0-8157-1835-7 (pbk.) 1. Social security United States. I. Diamond, Peter A. II. Lindeman, David C., 1944 . III. Young, Howard, 1932 . HD7125.S5996 1996 95-41812 368.4'3'00973 dc20 CIP
9 8 7 6 5 4 3 2 1
Typeset in Times Roman
Composition by Alpha Technologies/mps, Inc. Charlotte Hall, Maryland
Printed by R. R. Donnelley and Sons Co. Harrisonburg, Virginia
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Acknowledgments
The National Academy of Social Insurance is a nonprofit, nonpartisan organization devoted to furthering knowledge and understanding of Social Security and related programs. The Academy provides a forum in which to explore challenges and opportunities facing the field of social insurance; assesses social insurance programs and their relationships to other public and private programs; helps develop future scholars and administrative leaders; supports basic study, policy analysis, and research; and promotes public understanding of social insurance principles and programs.
This book is based primarily on papers delivered at the seventh annual conference of the Academy.1 The conference, "Social Security: What Role for the Future?," was held on January 2526, 1995, in Washington. Sessions and speakers took a fresh look at questions that are key to understanding the future of the cash benefits portion of old-age protection under Social Security.
As with all activities organized under its auspices, the Academy takes responsibility for assuring the independence of this book. Participants in the conference were chosen for their recognized expertise and with due consideration of the balance of disciplines appropriate to the program. The resulting chapters represent the views of those who presented the papers and are not necessarily the views of the officers, board, staff, or members of the Academy.
We would like to thank all the conference participants for sparking a lively discussion of ideas and the Academy staff for making the conference run as smoothly as it did. We also appreciate the efforts of all the people who have made this book possible: the authors for their timely attention to the huge task
1. The exceptions are the introduction by David C. Lindeman, which was produced after the conference; the commentary in chapter 6 by Peter Diamond, which is a revised version of a longer paper that appeared in Revista de Analysis Econmico, no. 9, 2134, 1994; and chapter 7 by Peter Diamond, which is a revised version of the Nemmers Prize lecture delivered at Northwestern University on April 19, 1995.
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of turning their presentations into chapters; Nick Curraba, the student intern who collected the chapters and worked with the authors; the managing editor at the Brookings Institution, Deborah Styles, and the Brookings editors, Tanjam Jacobson and Steph Selice; and the Academy staff, especially Pamela J. Larson and Terry T. Nixon, who saw the project through to completion.
PETER A. DIAMOND DAVID C. LINDEMAN HOWARD YOUNG
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Contents
Introduction
David C. Lindeman
1
1 Social Security and Retirees: Two Views of the Projections
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