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March/April 1998, 
Vol. 80, No. 2
Posted 1998-03-01

The Personal Security System: A Framework for Reforming Social Security

by Laurence J. Kotlikoff and Jeffrey Sachs

The authors discuss their plan to redress current problems with Social Security by replacing the Old-Age Insurance portion of Social Security with a system of individual accounts and by establishing a dedicated stream of revenues to pay off the current system’s unfunded liability.