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Economic Conditions Affecting Social Security and the Merits of ...
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Sort Desciption: thank you for this opportunity to appear before you to discuss the economic conditions. used to predict the future of Social Security and the merits of ...
Content Inside: Economic Conditions Affecting Social Security and the Merits of Pre-funding Statement by Lee Price Research Director Economic Policy Institute Subcommittee on Social Security Committee on Ways & Means U.S. House of Representatives June 21 2005 Chairman McCrery Ranking Member Levin and members of the subcommittee thank you for this opportunity to appear before you to discuss the economic conditions used to predict the future of Social Security and the merits of pre-funded benefits. The late Herb Stein who chaired the Council of Economic Advisers under Presidents Nixon and Ford wisely recommended that we think in terms of GDP budgeting. That is we should not look at the federal budget in isolation but in terms of how it is shaping the economy as a whole. Too often our discussion falls into the trap of focusing solely on changes to government inflows and outflows and we fail to consider either the compounding or the dampening responses in the larger economy. The fiscal challenge presented by Social Security represents a subset of the larger challenge of how our society will provide for more elderly people in the future. The consumption of future retirees will come almost entirely from the output of their working contemporaries. Retirees must finance their consumption through capital income government transfers or the generosity of their family and community. As we consider changes to Social Security we should keep in mind the picture beyond the budget figures: How much pre-funding is realistic? Who stands to gain and who stands to lose? How much consumption should we sacrifice today to increase the consumption of more prosperous Americans in the future? To prepare for a higher share of elderly people in our population government policy should not focus on pre-funding but on providing stable macroeconomic conditions to facilitate strong economic growth. That means reducing the federal deficit enough to prevent the debt to GDP ratio from expanding. It al ...
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