Abstract
The intense controversy about the future of Social Security is found to be basically political. Adjustments that are relatively minor from an economic point of view suffice to maintain the viability of Social Security and of the economy as a whole. The defined‐benefit, pay‐as‐you‐go character of Social Security inevitably produces politically troubling crises as the system matures. Five options for change are considered, with special attention given to a defined‐cost system which would gradually adjust benefits and avoid both cyclical and long‐term crises
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