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Social Security Reform SOCIAL SECURITY REFORM HEARINGS BEFORE THE TASK FORCE ON SOCIAL SECURITY OF THE COMMITTEE ON THE BUDGET HOUSE OF REPRESENTATIVES ONE HUNDRED SIXTH CONGRESS FIRST SESSION HEARINGS HELD IN WASHINGTON, DC: MAY 4, 11, 18 & 25; JUNE 8, 15, 22 & 29; JULY 13, 1999 Serial No. 3±1 ( Printed for the use of the Committee on the Budget 1 SOCIAL SECURITY REFORM HEARINGS BEFORE THE TASK FORCE ON SOCIAL SECURITY OF THE COMMITTEE ON THE BUDGET HOUSE OF REPRESENTATIVES ONE HUNDRED SIXTH CONGRESS FIRST SESSION HEARINGS HELD IN WASHINGTON, DC: MAY 4, 11, 18 & 25; JUNE 8, 15, 22 & 29; JULY 13, 1999 Serial No. 3±1 ( Printed for the use of the Committee on the Budget U.S. GOVERNMENT PRINTING OFFICE 56±994 WASHINGTON : 1999 1 SOCIAL SECURITY REFORM SECURITY SOCIAL 1 COMMITTEE ON THE BUDGET JOHN R. KASICH, Ohio, Chairman SAXBY CHAMBLISS, Georgia, JOHN M. SPRATT, Jr., South Carolina, Speaker's Designee Ranking Minority Member CHRISTOPHER SHAYS, Connecticut JIM MCDERMOTT, Washington, WALLY HERGER, California Leadership Designee BOB FRANKS, New Jersey LYNN N. RIVERS, Michigan NICK SMITH, Michigan BENNIE G. THOMPSON, Mississippi JIM NUSSLE, Iowa DAVID MINGE, Minnesota PETER HOEKSTRA, Michigan KEN BENTSEN, Texas GEORGE P. RADANOVICH, California JIM DAVIS, Florida CHARLES F. BASS, New Hampshire ROBERT A. WEYGAND, Rhode Island GIL GUTKNECHT, Minnesota EVA M. CLAYTON, North Carolina VAN HILLEARY, Tennessee DAVID E. PRICE, North Carolina JOHN E. SUNUNU, New Hampshire EDWARD J. MARKEY, Massachusetts JOSEPH PITTS, Pennsylvania GERALD D. KLECZKA, Wisconsin JOE KNOLLENBERG, Michigan BOB CLEMENT, Tennessee MAC THORNBERRY, Texas JAMES P. MORAN, Virginia JIM RYUN, Kansas DARLENE HOOLEY, Oregon MAC COLLINS, Georgia KEN LUCAS, Kentucky ZACH WAMP, Tennessee RUSH D. HOLT, New Jersey MARK GREEN, Wisconsin JOSEPH M. HOEFFEL III, Pennsylvania ERNIE FLETCHER, Kentucky TAMMY BALDWIN, Wisconsin GARY MILLER, California PAUL RYAN, Wisconsin PAT TOOMEY, Pennsylvania TASK FORCE ON SOCIAL SECURITY NICK SMITH, Michigan, Chairman WALLY HERGER, California LYNN N. RIVERS, Michigan, MAC COLLINS, Georgia Ranking Minority Member PAUL RYAN, Wisconsin KEN BENTSEN, Texas PAT TOOMEY, Pennsylvania EVA M. CLAYTON, North Carolina RUSH D. HOLT, New Jersey PROFESSIONAL STAFF WAYNE T. STRUBLE, Staff Director THOMAS S. KAHN, Minority Staff Director and Chief Counsel (II) C O N T E N T S Page Hearing held in Washington, DC, May 4, 1999: How Uniformity Treats Diver- sity: Does One Size Fit All? ................................................................................. 1 Statement of: Laurence J. Kotlikoff, Professor of Economics, Boston University, and Research Associate, the National Bureau of Economic Re- search ...................................................................................................... 3 Darcy Olsen, Entitlements Analyst, Cato Institute ............................... 16 Kilolo Kijakazi, Senior Policy Analyst, Center on Budget and Policy Priorities ................................................................................................. 27 Prepared statement of: Hon. Nick Smith, a Representative in Congress from the State of Michigan ................................................................................................. 2 Mr. Kotlikoff .............................................................................................. 4 Ms. Olsen ................................................................................................... 18 Ms. Kijakazi ............................................................................................... 29 Hearing held in Washington, DC, May 11, 1999: Using Long-Term Market Strategies for Social Security .............................................................................. 57 Statement of: Gary Burtless, Senior Fellow, Economic Studies, the Brookings Insti- tution ...................................................................................................... 58 Roger Ibbotson, Professor of Finance, Yale University School of Man- agement .................................................................................................. 67 Prepared statement of: Hon. Nick Smith, a Representative in Congress from the State of Michigan ................................................................................................. 58 Mr. Burtless ............................................................................................... 60 Mr. Ibbotson ............................................................................................... 70 Hearing held in Washington, DC, May 18, 1999: Cutting Through the Clutter: What's Important for Social Security Reform? .................................................. 87 Statement of: Stephen J. Entin, Executive Director and Chief Economist, Institute for Research on the Economics of Taxation ......................................... 88 Robert D. Reischauer, the Brookings Institution ................................... 105 Prepared statement of: Hon. Nick Smith, a Representative in Congress from the State of Michigan ................................................................................................. 88 Mr. Entin ................................................................................................... 91 Mr. Reischauer (submission of chapter from book ``Countdown to Reform'') .................................................................................................. 108 Hearing held in Washington, DC, May 25, 1999: International Social Security Reform ................................................................................................................... 159 Statement of: Dan Crippen, Director, Congressional Budget Office ............................. 160 Estelle James, Lead Economist, Policy Research Department, World Bank ........................................................................................................ 165 Lawrence Thompson, Senior Fellow, Urban Institute ........................... 167 (III) IV Page Hearing held in Washington, DC, May 25, 1999ÐContinued Statement ofÐContinued David Harris, Research Associate, Watson Wyatt Worldwide .............. 173 Prepared statement of: Mr. Crippen ............................................................................................... 161 Mr. Thompson ............................................................................................ 170 Mr. Harris .................................................................................................. 175 Additional information supplied for the record by: Mr. Crippen ............................................................................................... 198 Hearing held in Washington, DC, June 8, 1999: The Social Security Trust Fund: Myth and Reality ...................................................................................... 201 Statement of: J. Kenneth Huff, Sr., Vice President for Finance, Board of Directors, and Secretary/Treasurer, AARP ........................................................... 203 David Koitz, Congressional Research Service ......................................... 207 Prepared statement of: Hon. Nick Smith, a Representative in Congress from the State of Michigan ................................................................................................. 202 Mr. Huff ..................................................................................................... 204 Mr. Koitz .................................................................................................... 209 Additional information supplied for the record by: Hon. Kenneth F. Bentsen, Jr., a Representative in Congress from the State of Texas: Treasury bond specimen .................................................................... 215 Social Security Administration letter ............................................... 216 Mr. Koitz (text of CRS memorandum, dated November 20, 1998) ........ 223 Hearing held in Washington, DC, June 15, 1999: Secure Investment Strate- gies for Private Investment Accounts and Annuties ......................................... 229 Statement of: Steve Bodurtha, First Vice President, Customized Investments, Mer- rill Lynch & Co., Inc. ............................................................................. 230 Mark Warshawsky, Director of Research at the TIAA±CREF Insti- tute .......................................................................................................... 236 James Glassman, De Witt Wallace-Reader's Digest Fellow in Commu- nications in a Free Society, American Enterprise Institute for Pub- lic Policy Research ................................................................................. 240 Prepared statement of: Mr. Bodurtha ............................................................................................. 232 Mr. Warshawsky ....................................................................................... 238 Mr. Glassman ............................................................................................ 241 Additional resource: Internet link to working paper on Social Security privatization submitted by Budget Committee minority staff .................. 256 Hearing held in Washington, DC, June 22, 1999: The Social Security Disabil- ity Program ........................................................................................................... 257 Statement of: Marty Ford, Assistant Director of Governmental Affairs for ARCUS, on behalf of the Consortium
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