Is War Between Generations Inevitable?
Friday, November 30, 2001
by Jagadeesh Gokhale and Laurence J. Kotlikoff
Table of Contents
- Executive Summary
- The Perfect Fiscal Storm
- What Color Is the Ink?
- The CBO's Fiscal Fantasy
- A Spending Reality Check
- Social Security's Long-Term Funding Shortfall
- How Valid Are the Social Security Trustees' Future Projections?
- Medicare's Long-Term Funding Imbalance
- Are Medicare's Trustees To Be Trusted?
- Social Security's and Medicare's Long-Term Finances: A Summary
- Generational Accounting
- Taking a Closer Look at Generational Accounts
- Policies to Achieve Generational Equity
- About the Authors
About the Authors
Jagadeesh Gokhale is a senior economic advisor with the Federal Reserve Bank of Cleveland and works in the areas of public finance, macroeconomics and applied microeconomics. He received his doctorate in economics from Boston University. He has published papers on national saving, private pensions, wealth inequality and generational accounting in top academic journals and books. Dr. Gokhale has coauthored several chapters on U.S. fiscal policy in the Budget of the United States Government, and has testified before the Senate Budget Committee on U.S. Social Security reform. In his work on labor markets, he has analyzed the relationship between worker productivity and compensation and the impact of firms' wage and employment structures on corporate ownership patterns. Dr. Gokhale has published articles in the Quarterly Journal of Economics, the Journal of Economic Perspectives, the Review of Economics and Statistics and a number of publications of the National Bureau of Economic Research.
Laurence J. Kotlikoff is Professor of Economics at Boston University, Research Associate of the National Bureau of Economic Research, Fellow of the Econometric Society, a member of the Executive Committee of the American Economic Association and President of Economic Security Planning, Inc., a company specializing in financial planning software. Professor Kotlikoff received his B.A. in Economics from the University of Pennsylvania in 1973 and his Ph.D. in Economics from Harvard University in 1977. From 1977 through 1983 he served on the faculties of economics of the University of California, Los Angeles and Yale University. In 1981-82 Professor Kotlikoff was a Senior Economist with the President's Council of Economic Advisers. Professor Kotlikoff has served as a consultant to the International Monetary Fund, the World Bank, the Harvard Institute for International Development, the Organization for Economic Cooperation and Development, the Swedish Ministry of Finance, the Norwegian Ministry of Finance, the Bank of Italy, the Bank of Japan, the Government of Russia, the Government of Bolivia, the Government of Bulgaria, the Treasury of New Zealand, the Office of Management and Budget, the U.S. Department of Education, the U.S. Department of Labor, the Joint Committee on Taxation, the Commonwealth of Massachusetts, The American Council of Life Insurance, Merrill Lynch, Fidelity Investments and other major U.S. corporations. He has provided expert testimony on numerous occasions to committees of Congress. Professor Kotlikoff is coauthor (with Alan Auerbach) of Macroeconomics: An Integrated Approach, author of Generational Accounting, What Determines Savings?, coauthor (with Alan Auerbach) of Dynamic Fiscal Policy, coauthor (with Daniel Smith) of Pensions in the American Economy, and coauthor (with David Wise) of The Wage Carrot and the Pension Stick, and has published extensively in professional journals, newspapers and magazines.