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Article
Securing Social Security for the Future
The Economists' Voice (2006)
  • Joseph Stiglitz, Columbia University
Abstract
The funding troubles of Social Security have been greatly exaggerated in an effort to push a privatization agenda. Privatization has laudable goals—increased choice and higher returns—but few would choose to risk their secure retirement income and unfortunately higher returns cannot be achieved without risk. Regrettably, if private accounts really do offer a lot of choices, many people who cannot afford to do so will unwittingly risk their incomes; and, in many cases, a combination of this risk and high transaction costs will consume what should be their core retirement income. When the government picks up the pieces, the funding troubles will be worse, not better.
Keywords
  • social security
Disciplines
Publication Date
August, 2006
Citation Information
Joseph Stiglitz. "Securing Social Security for the Future" The Economists' Voice Vol. 2 Iss. 1 (2006)
Available at: http://works.bepress.com/joseph_stiglitz/4/