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Summary
Summary
Blahous contends that Social Security is ill-equipped to withstand the effects of an aging population and will impose excessive tax burdens upon future Americans unless its course is changed. Far from a doomsday tract, however, the book provides instances of proposals that would satisfactorily avert this course, if only the political will is mustered to implement them. Blahous argues for the program developed by the National Commission on Retirement Policy, but also offers positive descriptions of plausible alternatives as well as unsparing criticism of those who would cook the books in defense of either current law or high-cost alternatives. Reforming Social Security is sure to disturb ideologues from all parts of the political spectrum, because of its frank willingness to expose the costs of different approaches as well as the self-interest so often pursued by interest groups, political actors, and Social Security experts. An important analysis for the general public as well as policy makers and others concerned with social security issues.
Author Notes
Charles P. Blahous III is currently Executive Director of the Alliance for Worker Retirement Security.
Reviews 1
Choice Review
Blahous has produced a timely, comprehensive, accessible, and opinionated review of the issues involved in financing Social Security after 2020. The immediate problem is that, given current trends, Social Security will have to pay out more money (to the baby boomers) by the late 2030s than it receives from the combined payroll taxes and interest payments from the accrued current surplus. The author served on the staffs of two GOP senators and played a major role in producing the 1998 policy recommendations of the bi-partisan National Commission on Retirement Policy. Most of the book describes and defends its recommendations, especially the need to "pre-fund" benefit payments now for those who will retire after 2030 by setting aside in personal accounts about two percent of taxable payrolls. He names Democratic and Republican politicians and policy makers who helped produce those recommendations and criticizes organizations that worked to frustrate them, especially the AARP, which is discussed in an entire chapter. Though the book has a self-congratulatory tone to it, Blahous is aware that the complexity of Social Security means there is no single best financial and political solution. Interested readers will find this a sound addition to the literature. Useful index. All collections. H. Kasper; Oberlin College
Table of Contents
| Illustrations | p. ix |
| Foreword | p. xi |
| Acknowledgments | p. xvii |
| 1 The View from the Future | p. 1 |
| 2 Challenges to the Culture of Entitlement | p. 9 |
| 3 The Political Inheritance of Social Security | p. 17 |
| 4 The Kerrey-Danforth Commission | p. 33 |
| 5 Social Security: Its Purposes and How It Works | p. 41 |
| 6 The Trustees' Reports and What They Say: Beyond Actuarial Solvency | p. 49 |
| 7 Dissecting the Trustees' Assumptions | p. 59 |
| 8 A Cottage Industry of Demagogues | p. 69 |
| 9 Into the Lion's Den with the AARP | p. 81 |
| 10 The Congressional Debate Evolves: 1994-1997 | p. 89 |
| 11 A Divided Advisory Council Unites Behind Advance Funding | p. 97 |
| 12 Where Will Future Benefits Come From? A Sound and Fair System | p. 107 |
| 13 To Fund or Not to Fund? Personal Accounts or Government Investment | p. 121 |
| 14 The Top Ten Tricks in the Social Security Debate | p. 137 |
| 15 Tackling the Policy Challenges of Personal Accounts | p. 153 |
| 16 Putting It All Together: How a Reformed System Can Work | p. 169 |
| 17 Reaching Agreement with the NCRP | p. 183 |
| 18 Slings and Arrows | p. 201 |
| 19 1998-1999: The President's Year of Discussion--Then More Discussion | p. 211 |
| 20 Congress Reacts to the President's Proposals | p. 221 |
| 21 The Last, Best Hopes: The Senate Bipartisan Plan and Other Efforts | p. 233 |
| 22 Where We Are and Whither We Are Tending | p. 243 |
| Selected Bibliography | p. 251 |
| Index | p. 253 |