Commissioners Stay Busy
September 6, 2002
Despite the end of the President's reform Commission, the commissioners and staff of the President's Commission to Strengthen Social Security have continued their efforts on the issue.
Commissioner Estelle James of the Urban Institute authored a report released by the National Center for Policy Analysis that examines "Social Security Around the World." James explains there are five lessons from international pension reform: Lesson 1: Private sector control over personal retirement accounts is more profitable than a centrally controlled pension reserve. Lesson 2: Individual accounts can be created in a way that minimizes administrative fees. Lesson 3: Personal retirement accounts, if structured properly, do not involve undue risk. Lesson 4: Reformed systems can continue the redistribution of income. Lesson 5: Reform involves transition costs. Commissioners John Cogan of the Hoover Institution and Olivia Mitchell of the Wharton School co-authored, "The Role of Economic Policy in Social Security Reform: Perspectives from the President's Commission." The paper examines "how economics research influenced the Commission's analysis of how to structure personal accounts, ways to enhance traditional Social Security program finances, and means of measuring the extent of financial progress achieved through reform." Also, Commission staffer and Cato Social Security analyst Andrew Biggs examines the Commission's proposals and criticisms in "Perspectives on the President's Commission to Strengthen Social Security."
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