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Article

Generational Equity and Social Security Financing Reform

Sylvester J. Schieber
The Journal of Retirement Summer 2017, 5 (1) 12-31; DOI: https://doi.org/10.3905/jor.2017.5.1.012
Sylvester J. Schieber
is former chairman of the Social Security Advisory Board, retired from Willis Towers Watson, and currently an independent consultant in New Market, MD
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Abstract

Social Security has faced projected financing shortfalls since the early 1990s, and the trust funds are expected to be depleted in the next 12–17 years. Reform is becoming increasingly urgent. Many reform proposals would reduce growth in future benefits and raise payroll taxes in rough equivalence in the long term, although revenue effects tend to be much larger in the short term than the benefit adjustments. To a considerable extent, this result arises because most proposals would largely exempt current retirees and those near retirement. The result would be exacerbated by reform proposals that would enhance benefits for workers with low lifetime earnings. The author’s analysis explores the generational equity of potential Social Security reforms and argues for inclusion of all generations in bringing the system’s financing back into balance as soon as possible.

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The Journal of Retirement: 5 (1)
The Journal of Retirement
Vol. 5, Issue 1
Summer 2017
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Generational Equity and Social Security Financing Reform
Sylvester J. Schieber
The Journal of Retirement Jul 2017, 5 (1) 12-31; DOI: 10.3905/jor.2017.5.1.012

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Generational Equity and Social Security Financing Reform
Sylvester J. Schieber
The Journal of Retirement Jul 2017, 5 (1) 12-31; DOI: 10.3905/jor.2017.5.1.012
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  • Article
    • Abstract
    • TIMING AND IMPACT OF A SOCIAL SECURITY REFORM PROPOSAL
    • THE POLITICAL ECONOMY OF SOCIAL SECURITY PARTICIPATION
    • RECONSIDERING THE ROLE OF THE ELDERLY IN SOCIAL SECURITY REFORM
    • DISCUSSION
    • APPENDIX
    • ENDNOTES
    • REFERENCES
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More in this TOC Section

  • Editor’s Letter
  • BOOK REVIEW: Is There a Retirement Crisis? An Exploration of the Current Debate
  • Editor’s Letter
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