In this revised and updated edition, two respected economists argue that calls for scrapping Social Security in favour of a privatized plan are misguided and that the claims that the system faces bankruptcy are wrong. The authors analyze the economic assumptions underlying current reform efforts.

In this revised and updated edition of their influential book, two of the nation's most widely respected economists argue that calls for scrapping Social Security in favor of a privatized plan are misguided and that the claims that the system faces bankruptcy are not only exaggerated, they are just plain wrong. The authors analyze the economic assumptions underlying current reform efforts, closely scrutinizing proposals to reform Social Security. They also provide the historical background of the economic circumstances that different generations have faced and show how changes in Social Security have affected life in America.