Social Security: Personal Savings Accounts - Will Social Security Be Around In 2040? (1998)

Published on Aug. 1, 2015
Channel: Remember This
Category: Education
Source: Youtube

Michael Jay Boskin (born September 23, 1945) is the T. M. Friedman Professor of Economics and senior fellow at Stanford University's Hoover Institution. He also is Chief Executive Officer and President of Boskin & Co., an economic consulting company. Boskin holds B.A. with highest honors, M.A., and Ph.D. degrees in economics from the University of California, Berkeley, earned in 1967, 1968, and 1971 respectively. He is a member of Phi Beta Kappa.[3] He joined Stanford University in 1970. He is a Research Associate, National Bureau of Economic Research.[3] In government he is best known for serving as chair of the Council of Economic Advisors under George H. W. Bush and as Chairman of a Congressional Advisory Commission on the Consumer Price Index.[4] That commission, known as the Boskin Commission, is controversial for introducing changes into the calculation of the Consumer Price Index that some critics believe make the index report inflation as lower than it actually is. Boskin was credited as having written the "worst op-ed in history" for his March 6, 2009 Wall Street Journal article "Obama's Radicalism Is Killing the Dow" by the Washington Post WonkBlog. In that article, Boskin ignored the months-long financial crisis, and blamed newly inaugurated President Obama for the dropping Dow Jones Industrial Average. The Dow average instead rose dramatically during the first six years of President Obama's administration.[5] Boskin has been a director of Exxon Mobil since 1996. He is also a director of Oracle Corporation, Shinsei Bank, and Vodafone Group plc (1999–2008). He serves on the Commerce Department's Advisory Committee on the National Income and Product Accounts. Boskin is the recipient of the Adam Smith Prize and other professional awards.[6] According to Patrick Buchanan, in Death of American Manufacturing, Boskin was sanguine about the transfer of United States manufacturing overseas. Peter Arthur Diamond (born April 29, 1940) is an American economist known for his analysis of U.S. Social Security policy and his work as an advisor to the Advisory Council on Social Security in the late 1980s and 1990s. He was awarded the Nobel Memorial Prize in Economic Sciences in 2010, along with Dale T. Mortensen and Christopher A. Pissarides. He is an Institute Professor at the Massachusetts Institute of Technology. On June 6, 2011 he withdrew his nomination to serve on the Federal Reserve’s board of governors, citing intractable Republican opposition for 14 months. Diamond has focused much of his professional career on the analysis of U.S. Social Security policy as well as its analogs in other countries, such as China. In numerous journal articles and books, he has presented analyses of social welfare programs in general and the American Social Security Administration in particular. He has frequently proposed policy adjustments, such as incremental but small increases in social security contributions using actuarial tables to adjust for changes in life expectancy and an increase in the proportion of earnings that are subject to taxation. In 1968, Diamond was elected a fellow and served as President of the Econometric Society.[7] In 2003, he served as president of the American Economic Association.[7] He is a Fellow of the American Academy of Arts and Sciences (1978), a Member of the National Academy of Sciences (1984), and is a Founding Member of the National Academy of Social Insurance (1988).[7] Diamond was the 2008 recipient of the Robert M. Ball Award for Outstanding Achievements in Social Insurance, awarded by NASI.[7][8] As a Fulbright Distinguished Chair, in 2000 he taught Economics at the University of Siena. Diamond wrote a book on Social Security with Peter R. Orszag, President Obama's former director of the Office of Management and Budget,[9] titled Saving Social security: a balanced approach (2004,-5, Brookings Institution Press).[10] An earlier paper from Brookings Institution introduced their ideas.[11] In April 2010, Diamond, along with Janet Yellen and Sarah Bloom Raskin, was nominated by President Barack Obama to fill the vacancies on the Federal Reserve Board.[12] Ben Bernanke, current Chairman of the Fed and Chairman at the time of the nomination, was once a student of Diamond.[13] In August 2010, the Senate returned Diamond's nomination to the White House, effectively rejecting his nomination.[14] President Obama renominated him in September.[15] In October 2010, Diamond was awarded the Nobel Prize in Economic Sciences, along with Dale T. Mortensen from Northwestern University and Christopher A. Pissarides from the London School of Economics "for their analysis of markets with search frictions".