Word: schieber
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Dates: during 1990-1999
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...population can be best protected if the government invests up to 40% of the system's funds in stocks, which have historically yielded a return of about 10%, compared with 6% from Treasury securities, the current repository of Social Security money. A second group of five panelists, including Sylvester Schieber, a Washington pension consultant, favors a system similar to Chile's. They would allow workers to create personal savings accounts funded with five percentage points of the 6.2% of paychecks currently paid in Social Security payroll taxes. The same split would apply to employer contributions, but the employer...
...Schieber scheme would spawn significant transition costs requiring new taxes, such as a 1% sales levy, and deficit financing that could grow to $1.2 trillion over 40 years. All three solutions would create different winners and losers. For example, the first plan would favor workers born before 1965. Despite such wrinkles, two factors promise change--the awareness among young voters that the current system will fail them and the prospect of several hundred billion dollars pouring into the stock and bond markets each year. In fact, a massive securities industry lobbying effort has already begun, and at least one investment...
Sylvester Schieber, a benefits consultant, asserts further that to hold down costs the planners want "to push people ultimately into health-maintenance organizations and for those HMOs to compete with each other. But they know that a lot of people don't want to go into HMOs." So they are offered fee- for-service plans and the right to go outside an HMO for some services. Result: still more complication...