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Social security's investment shortfa...

Hakansson, Nils Hemming, (1937-)

Social security's investment shortfall8 trillion plus : and the way forward : plus How the US government's financial deficit reporting = 64 Madoffs /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Social security's investment shortfallNils H Hakansson.
其他題名:	8 trillion plus : and the way forward : plus How the US government's financial deficit reporting = 64 Madoffs /
作者:	Hakansson, Nils Hemming,
出版者:	Singapore ;World Scientific Pub.,c2013.
面頁冊數:	1 online resource (xv, 127 p.) :ill.
標題:	Social securityFinance.United States
電子資源:	http://www.worldscientific.com/worldscibooks/10.1142/8510#t=toc
ISBN:	9789814407977 (electronic bk.)

Social security's investment shortfall8 trillion plus : and the way forward : plus How the US government's financial deficit reporting = 64 Madoffs /
Hakansson, Nils Hemming,1937-

Social security's investment shortfall8 trillion plus : and the way forward : plus How the US government's financial deficit reporting = 64 Madoffs /[electronic resource] :Nils H Hakansson. - Singapore ;World Scientific Pub.,c2013. - 1 online resource (xv, 127 p.) :ill. - World Scientific series in finance ;v. 3. - World Scientific series in finance ;v. 1..

Includes bibliographical references (p. 115-119) and index.

The aim of this book is to document, on a solid and convincing foundation, two public policy mistakes of the United States Government that have been extremely costly. First, the failure to combine stocks with long-term government bonds in the Social Security Trust Fund, the way other nations do, has resulted not only in an investment shortfall well into the trillions of dollars, but has also reduced US and global economic growth and increased the national debt. Second, by employing the Unified Budget concept beginning in 1970, the US Government has since then understated its financial deficits by more than

ISBN: 9789814407977 (electronic bk.)Subjects--Topical Terms:

266592
Social security
--Finance.--United States

LC Class. No.: HD7125 / .H28 2013eb

Dewey Class. No.: 336.73

Social security's investment shortfall8 trillion plus : and the way forward : plus How the US government's financial deficit reporting = 64 Madoffs /
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520 $a The aim of this book is to document, on a solid and convincing foundation, two public policy mistakes of the United States Government that have been extremely costly. First, the failure to combine stocks with long-term government bonds in the Social Security Trust Fund, the way other nations do, has resulted not only in an investment shortfall well into the trillions of dollars, but has also reduced US and global economic growth and increased the national debt. Second, by employing the Unified Budget concept beginning in 1970, the US Government has since then understated its financial deficits by more than $4 trillion and in doing so it has shielded the increase in the debt owed to the public by roughly half. This study documents that the notion of Social Security as a minimal safety net is consistent with the views of both Adam Smith and Friedrich Hayek and that private social security accounts are inefficient and subject to moral hazard and huge productivity losses. It also introduces a novel approach to long-term investing suitable for perpetual funds consistent with the empirical phenomena of risk premia and mean reversion, including no asset sales and the use of short-term borrowing on a rollover basis to cover negative net inflows. The study also proposes that payroll taxes be re-labeled Social Security Contributions and that the Social Security System be made independent and professionally managed based on the Federal Reserve System model.
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