Chapter

Centrist Proposal I by Representatives Jim Kolbe, Charles Stenholm, and Allen Boyd

Jagadeesh Gokhale

in Social Security

Published by University of Chicago Press

Published in print April 2010 | ISBN: 9780226300337
Published online February 2013 | e-ISBN: 9780226300368 | DOI: http://dx.doi.org/10.7208/chicago/9780226300368.003.0010
Centrist Proposal I by Representatives Jim Kolbe, Charles Stenholm, and Allen Boyd

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Many Social Security reform proponents have described their approaches as “bipartisan,” “balanced,” or “centrist.” Very few liberal proponents of Social Security reform support investments in private capital markets. The conservative approach emphasizes transforming the traditional Social Security system into one that includes personal accounts to promote private ownership of retirement assets, greater individual control over how retirement savings are invested, and increased ability for people to bequeath their retirement savings—features that are not available under the current Social Security system. This approach implies a gradual move away from the program's current financing structure that channels retirement resources through the government irrespective of whether the introduction of personal accounts improves the system's overall financial solvency or not. A centrist approach should combine such liberal and conservative reform features in a roughly balanced manner.

Keywords: centrist; social security; reform; proposal; conservative approach

Chapter.  8692 words.  Illustrated.

Subjects: Public Economics

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