Will Social Security And Medicare Remain Viable As The U.S. Population Is Aging?
- Topics:
- Social Security
- Source:
- University of California
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Overview: The U.S. social security system - broadly defined to include Medicare - faces significant financial problems as the result of an aging population. But demographic change is also likely to raise savings, increase wages, and reduce interest rates, and up to a point, a growing GDP-share of medical spending is an efficient response to an aging population. Thus viability is more a political economy than an economic feasibility issue. To examine the political viability of social security, I focus on intertemporal cost-benefit tradeoffs in a median voter setting. For a variety of assumptions and policy alternatives, I find that social security should retain majority support.
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Format: PDF | Size: 337KB | Date: Sep 2003 | Pages: 41
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