THE GROWTH OF SOCIAL SECURITY: ELECTORAL PUSH OR POLITICAL PULL?

Roger D. Congleton · William F. ShughartII

68 citations0/0 files storedEconomic Inquiry

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Social Policy and Reform Studies Fiscal Policies and Political Economy Retirement, Disability, and Employment

Abstract

The social security program has grown more than a thousand fold since its inception. Even fnter the increased number of retired persons and inflation are accounted for, average real social security benefit levels more than tripled from the late 1940s to the early 1980s. What accounts for this growth? This paper finds that increased retirement benefit levels are generated by changes in the constraints faced by the median voter rather than by changes in the political power of special interest groups. The results suggest that the median voter has a finite planning horizon.

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References

1965The Logic of Collective Action 1966The Logic of Collective Action.1974Are Government Bonds Net Wealth?1979On the Determination of the Public Debt 1974Social Security, Induced Retirement, and Aggregate Capital Accumulation 1986Economics of the Public Sector 1976Historical Statistics of the United States: Colonial Times to 1970 1955The Economic Report of the President.

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