The President has indicated that Social Security reform will be a major issue in the 109th Congress. While Social Security originated as a Depression-era program aimed at alleviating the economic circumstances of the elderly, social insurance also corrects market failures in the annuity market (adverse selection), prevents free-riders (requires workers to provide for their retirement), spreads risk, and may correct for failure to optimize by shortsighted individuals.
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The President has indicated that Social Security reform will be a major issue in the 109th Congress. While Social Security originated as a Depression-era program aimed at alleviating the economic circumstances of the elderly, social insurance also corrects market failures in the annuity market (adverse selection), prevents free-riders (requires workers to provide for their retirement), spreads risk, and may correct for failure to optimize by shortsighted individuals.
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Congressional Research Service Reports
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Gravelle, Jane G. & Labonte, Marc.Social Security Reform: Economic Issues,
report,
January 14, 2005;
Washington D.C..
(https://digital.library.unt.edu/ark:/67531/metacrs7418/:
accessed June 3, 2024),
University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu;
crediting UNT Libraries Government Documents Department.