Rethinking Social Insurance

摘要

Social insurance is a subject I have been studying for nearly 40 years. The intellectual and policy revolution in social insurance that is occurring around the world is among the most significant and positive developments of current economics. Social insurance programs have become the most important, the most expensive, and often the most controversial aspect of government domestic policy, not only in the United States but also in many other countries, including developing and industrialized nations. In the United States, these programs include Social Security retirement, disability, and survivor insurance, unemployment insurance, and Medicare insurance for those age 65 and older. Together these programs accounted for 37 percent of federal government spending and more than 7 percent of GDP in 2003. These ratios have increased rapidly in the past and are projected to increase even faster in the future because of the more rapid aging of the population.