By Laurence S. Seidman
Investment Social protection deals severe attention of the controversy on social safeguard reform that's occurring in lots of nations all over the world. The paintings advocates the idea that of "funded social safeguard" as a center place among pay-as-you-go (PAYGO) social defense and privatized social protection, and constitutes a politically strategic replacement. Professor Seidman's research covers precise parts, fund accumulation and portfolio diversification. the concept that of funded social defense makes use of a mixture of payroll taxes and portfolio funding source of revenue to finance advantages.
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Using econometric techniques, Feldstein and other researchers have arrived at varying estimates of the impact of PAYGO Social Security on saving. But it seems likely that the impact is substantial. Suppose for a moment that there were no Social Security program. Perhaps a 25-year-old would not save more. But anyone over 40 would surely be aware of the plight of a 65-year-old who failed to save adequately, and most would try to avoid this fate. Although the magnitude of the impact may be judged uncertain, it seems 26 Funded versus PAYGO Social Security likely that Social Security has had a significant adverse effect on saving.
42) Diamond concedes that state government defined-benefit systems for government employees have been less successful than the TSP in avoiding political interference, but he argues that the fact that Social Security is a universal program should generate more vigorous monitoring by citizens. The six MB members of the ACSS (1997) support some buildup of the Social Security fund ("partial advanced funding") and state that serious consideration should be given to investing nearly half of the fund in the stock market.
Both the traditional and novel economic arguments suggest that the long-run gain outweighs the short-run loss. Further discussion is given in Seidman (1997,1998b). Clearly, the objective of reducing poverty for low-skilled workers would be undermined if such workers were burdened with the transitional increase in payroll taxes. But this can be prevented by using the earned-income tax credit (EIC). One purpose of the EIC, enacted in the mid-1970s, is to offset the burden of payroll taxes on low-income workers.