## Would Saving U.S. Social Security Raise National Saving?

_IMF Policy Discussion Papers, July 1, 1999_

## Source details

**Canonical URL:** [Would Saving U.S. Social Security Raise National Saving?](https://www.imf.org/en/publications/imf-policy-discussion-papers/issues/2016/12/30/would-saving-u-s-3189)

## Other formats

- [Markdown version](/en/publications/imf-policy-discussion-papers/issues/2016/12/30/would-saving-u-s-3189/index.md)
- [Structured JSON version](/en/publications/imf-policy-discussion-papers/issues/2016/12/30/would-saving-u-s-3189/index.json)
- [Bundle manifest](/en/publications/imf-policy-discussion-papers/issues/2016/12/30/would-saving-u-s-3189/bundle-manifest.json)

## Bibliographic details
- Authors: Jan Walliser
- Published: July 1, 1999
- Series: IMF Policy Discussion Papers
- DOI: https://doi.org/10.5089/9781451971484.003

---

### Summary
- Analysts agree that raising national saving is one of the key objectives of social security reform in the United States.
- The paper compares saving responses across proposals and outlines difficulties in making those comparisons.
- Key difficulties arise from:
  - the unsustainability of the current social security system, and
  - the uncertainty regarding the use of projected budget surpluses.
- The paper builds on previously developed arguments, discusses three typical reform plans, and draws conclusions about the relationship between social security reform and the long-run sustainability of fiscal policy.

### Major analytical points
- Comparison of saving responses is essential to judge the merits of social security reform proposals.
- The unsustainability of the current social security system complicates assessment of reform impacts on national saving.
- Uncertainty about how projected budget surpluses would be used further complicates analysis of saving responses.

### Reform plans and scenarios discussed
- The paper discusses three typical reform plans (the source text indicates three plans are discussed but does not provide plan-specific details on the landing page).
- It draws conclusions about how different reform approaches relate to the long-run sustainability of fiscal policy.

### Policy implications and considerations
- Assessments of social security reform should explicitly account for:
  - the fiscal sustainability of the existing system, and
  - policy choices regarding the allocation or use of projected budget surpluses.
- Comparisons of proposals must carefully address uncertainty about surplus usage to evaluate effects on national saving.

---

## Content in this bundle

- **Would Saving U.S. Social Security Raise National Saving? - PDP/99/7**
  - [Would Saving U.S. Social Security Raise National Saving? - PDP/99/7 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/pdp/1999/_pdp07.pdf.md){rel="alternate" type="text/markdown"}
  - [Would Saving U.S. Social Security Raise National Saving? - PDP/99/7 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/pdp/1999/_pdp07.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/imf-policy-discussion-papers/issues/2016/12/30/would-saving-u-s-3189_