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Social Security: The Leaky Lifeboat

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Abstract

Households have had a hard time saving enough for their future amid growing economic insecurity. Labor and financial markets have become more volatile over the past three decades, and households’ exposure to these risks has increased. This combination of rising risks and falling protections has contributed to increasing wealth inequality as especially households with high risk exposure have seen smaller savings gains than their counterparts.

Keywords

Social Security Market Risk Social Security Benefit Earning Inequality Retirement Benefit 
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Notes

  1. 2.
    Social Security Administration, “Program Explainers: Special Minimum Benefit” (Washington, DC: SSA, May 2014).Google Scholar
  2. 29.
    Gary Burtless, “Social Security Privatization and Financial Market Risk” (Washington, DC: Center on Social and Economic Dynamics, February 2000), quoted in Christian Weller, Review of Policy Research 23, no. 2 (2006), 531–548, doi: 10.1111/j.1541–1338.2006.00214.xGoogle Scholar

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© Christian E. Weller 2016

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