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Retirement Security Law Commons

Open Access. Powered by Scholars. Published by Universities.®

2004

Boston College Law School

Articles 1 - 2 of 2

Full-Text Articles in Retirement Security Law

A Tax Lawyer's Observations On Scary Numbers, Politics, And Irresponsibility: A Commentary On Shaviro's Reckless Disregard, Lawrence Lokken Sep 2004

A Tax Lawyer's Observations On Scary Numbers, Politics, And Irresponsibility: A Commentary On Shaviro's Reckless Disregard, Lawrence Lokken

Boston College Law Review

The fiscal gap is filled by the issuance of government debt, au increasing portion of which is held by foreigners. Although foreigners still seem willing to absorb large amounts of U.S. debt, international organizations express concern over U.S. budgetary deficits. A significant source of the fiscal gap is the Social Security system. Two changes that might resolve Social Security funding issues include raising the minimum age to receive full retirement benefits to seventy years old and raising the taxable wage base. Politically, however, adopting either of these changes soon seems impossible. In addition, current Medicare costs will exceed ...


The Social Insurance Crisis And The Problem Of Collective Saving: A Commentary On Shaviro's Reckless Disregard, David I. Walker Sep 2004

The Social Insurance Crisis And The Problem Of Collective Saving: A Commentary On Shaviro's Reckless Disregard, David I. Walker

Boston College Law Review

Long-range Social Security and Medicare spending projections vastly exceed projected program revenues. If left unchecked, the resulting fiscal imbalance (estimated at $40 to $70 trillion in present value terms) would fall primarily on future generations. To avoid generational inequity, and perhaps fiscal meltdown, Professor Daniel N. Shaviro and others propose immediate fiscal austerity. This reply Commentary argues that near-term austerity is unlikely to play a significant role in overcoming the fiscal imbalance, which can be thought of as a balloon payment due in the mid-twenty-first century. Significant near-term fiscal austerity would eliminate the public debt and replace it with a ...