The Predictable Surprise: The Unraveling of the U.S. Retirement System by Sylves

Description: The Predictable Surprise by Sylvester J. Schieber In Predictable Surprise, Sylvester J. Schieber explains how retirement systems work and the implications for various generations of continuing our current course. FORMAT Paperback LANGUAGE English CONDITION Brand New Publisher Description Social Security is in jeopardy, private pension systems have fallen apart, and workers are trying to save on their own for retirement with the stock market in the worst shape since the Great Depression. In The Predictable Surprise, Sylvester J. Schieber shows that forewarnings of the coming retirement crisis have been apparent for decades, but we have never mustered the political will to address the problem. This book explains how we have gotten into theretirement predicament and where we can go from here. Schieber, a renowned authority on this topic, provides a compact, insightful history of Social Security, pension plans, and other retirement options,highlighting both their original justifications and the point when things began to go wrong. He brings his discussion right up to the present morass and concludes with suggestions as to how we can reform our retirement system. Our situation is not hopeless, Schieber concludes, if we take on some of these issues and resolve them. If we do not, we will severely jeopardize the prosperity of younger generations. Author Biography Sylvester J. Schieber is Former Chairman of the Social Security Advisory Board, and the author or editor of numerous books on various aspects of population aging and retirement. Table of Contents ContentsList of figuresList of tablesPreface and acknowledgmentsPart 1: Foundations and Fault Lines1. Retirement USA2. Early Motivations behind the Pension MovementPart II: Social Security, the dream and reality3. Development and Passage of the Social Security Act4. Early Concerns Prove Nagging and Persistent5. Moving to Pay-as-You-Go Financing6. A Deal too Good to Last7. Operations under Pay-as-You-Go Financing8. Crisis Reactions: Conflict, Consensus and Surprise9. Sorting out the Trust Fund Semantics and Realities10. Policy Stalemate at the Demographic Divide11. Understanding Social Security in Modern TimesPart III: Employer-based pension provision12. Employer Pensions Taking Root13. Growing pains for Private Retirement Plans14. ERISA: the Transition to a New Regulatory Regime15. The 1980s, a Decade of Regulatory Schizophrenia16. Good Intentions Gone Awry17. Some Good News--or Not18. The Unfolding of a Predictable Defined Benefit Surprise19. And Then, a Predictable Defined Contribution Surprise20. Public pensions: the good, the bad and the uglyPart IV: Delivering benefits and providing retirement security21. Retirement Income Security and Workers Residuals22. End Game: A Gold Watch, Pat on the Back and More23. Weve Killed the Goose, Lets Gild the Eggs24. Tax Benefits and Benefit Taxes25. Retiree Health Benefits: Misfortune or MalpracticePart V: Truth and consequences26. The Fellow Behind the Tree27. Securing the Social Security Foundation28. Securing Tax-Favored Benefits and Living Standards29. Remembering the FutureGlossary Review "Schieber probably knows more about American retirement programs than anyone. He has advised the Social Security system, consulted with private firms and written widely on the subject. His book shows how todays entitlement psychology dates to Social Securitys muddled beginnings."--Robert Samuelson, Washington Post"The topic is very timely as the entire retirement system in the US is under pressure with firms and governments facing financial problems...The author is a well known expert in the field of retirement income and has written widely on these topics. He reaches out to the reader by presenting real stories that illustrate important points. Schieber relies on his background as an executive of a benefit consulting firm, his work with the government on SocialSecurity, and his expertise as an economist. Blending these career experiences, he is able to consider the American retirement system from a variety of perspectives..."--Robert Clark, Professor of Economicsand Business Management, North Carolina State University"Schieber cuts through the thicket of rhetoric and specialized knowledge to reveal the interplay of demographics, economic conditions, politics, and government regulations that have led to this current crisis. Its hard not to share Schiebers respect for the architects of Social Security and what they accomplished during difficult times, and his regret that the current political climate doesnt encourage thoughtful discussion of needed reforms. This book is aninvaluable resource for anyone who wishes to engage in that discussion."--Publishers Weekly"The discussion necessarily gets deep into the weeds--analysts and policymakers will welcome the thoroughness--but general readers will appreciate Schiebers efforts to warm the material with quotations from Sophocles, Confucius, Dickens, Churchill, Lewis Carroll and even Mae West, and to demystify the arcana with a plethora of table, charts and graphs, and a useful glossary . . . Precisely the sort of levelheaded, serious discussion our political leadersappear so unwilling to conduct."--Kirkus Reviews"The American people will only take the painful steps necessary to restore fiscal order, particularly with respect to Social Security and Medicare, when they understand the roots of the problem. Syl Schiebers The Predictable Surprise explains the demise of the retirement system with great clarity, emphasizes the importance of demographics in forcing the need for change, and provides the background knowledge necessary to sensibly consider the wayforward. I not only suggest reading this book, but hope you will encourage members of Congress to do the same."--George P. Shultz, former Secretary of Labor, Director of the Office of Management and Budget,Secretary of the Treasury, and Secretary of State"Syl Schiebers The Predictable Surprise is must-reading for scholars and students, policymakers and concerned citizens interested in retirement and retirement income issues. Schieber, an impressive researcher with sterling private-sector and policy experience, blends history, theory and data into a compelling, comprehensive analysis that confronts the difficult impending reality and points the way forward. So avoid an unpleasant surprise; read ThePredictable Surprise."--Michael J. Boskin, Tully M. Friedman Professor of Economics and Hoover Institution Senior Fellow, Stanford University, former Chairman of the Presidents Council of Economic Advisers"There are at least three reasons why Syl Schiebers work may be unique in the retirement security field. First, he is equally an expert about Social Security and about private-sector pensions. Second, he has a rare command of how the history of each system has led to its present condition. And third, he is an exceptionally creative analyst, going wherever the evidence leads and unconstrained by ideology. The Predictable Surprise may be the best bookyet written for those who want to understand each of Social Security, private pensions, state pensions and the interrelationship between them. One hopes that it will be widely read by key decisionmakers at bothends of Pennsylvania Avenue."--Charles Blahous, Senior Research Fellow, Mercatus Center, George Mason Univeristy, former Deputy Director of the National Economic Council"The Predictable Surprise is the most comprehensive review of our retirement system that I have ever read. Syl Schieber artfully blends detailed analyses of individual policy decisions with commentary on the macro retirement environment. If you want to truly understand the roots of our current retirement challenges, you must read The Predictable Surprise."--John J. Haley, CEO, Towers Watson"Those who hope to tackle one of the biggest public policy issues of the next decade should imbibe Sylvester Schiebers The Predictable Surprise: The Unraveling of the U.S. Retirement System." --World Promotional A renowned authority provides a compact, insightful history of Social Security, pension plans, and other retirement options, highlighting both their original justifications and the point when things began to go wrong Long Description For many of us, Social Security doesnt seem to be the good deal our parents enjoyed. Pensions from previous generations have either disappeared or been completely reengineered and, to make matters worse, we have just gone through the worst decade for investing since the Depression. As the Baby Boomer generation reaches the age of 65, Americans are faced with the confounding problem of how to pay for a growing retired population with increasingly limited financialresources.Yet the historical evolution of these current dilemmas has been full of signs indicating that we would arrive ultimately at where we are now.In Predictable Surprise, Sylvester J. Schieber explains how retirement systems work and the implications for various generations of continuing our current course. He lays the background for the establishment of retirement programs in the United States, focusing on the beginning of employer-sponsored pensions and on Social Security. The motivations for setting up these programs decades ago still persist, despite current developments. Schieber explains how the original architecture ofSocial Security has changed in ways that have led to current concerns about financing and equity of the program. In contrast, he shows how Social Security has at the same time defied change to accommodate to social and economic circumstances that have evolved since its 1935 inception. Schieber discussesbenefits that Social Security has delivered over time, how the system is changing before our eyes, and the costs that it has exacted from various segments of our society. Employing clear and concise language, Schiebers Predictable Surprise describes the nuances of the political economics of retirement in an approachable and applicable manner--just when we need it the most. Review Text "Schieber probably knows more about American retirement programs than anyone. He has advised the Social Security system, consulted with private firms and written widely on the subject. His book shows how todays entitlement psychology dates to Social Securitys muddled beginnings."--Robert Samuelson, Washington Post"The topic is very timely as the entire retirement system in the US is under pressure with firms and governments facing financial problems...The author is a well known expert in the field of retirement income and has written widely on these topics. He reaches out to the reader by presenting real stories that illustrate important points. Schieber relies on his background as an executive of a benefit consulting firm, his work with the government on SocialSecurity, and his expertise as an economist. Blending these career experiences, he is able to consider the American retirement system from a variety of perspectives..."--Robert Clark, Professor of Economicsand Business Management, North Carolina State University"Schieber cuts through the thicket of rhetoric and specialized knowledge to reveal the interplay of demographics, economic conditions, politics, and government regulations that have led to this current crisis. Its hard not to share Schiebers respect for the architects of Social Security and what they accomplished during difficult times, and his regret that the current political climate doesnt encourage thoughtful discussion of needed reforms. This book is aninvaluable resource for anyone who wishes to engage in that discussion." --Publishers Weekly"The discussion necessarily gets deep into the weeds--analysts and policymakers will welcome the thoroughness--but general readers will appreciate Schiebers efforts to warm the material with quotations from Sophocles, Confucius, Dickens, Churchill, Lewis Carroll and even Mae West, and to demystify the arcana with a plethora of table, charts and graphs, and a useful glossary . . . Precisely the sort of levelheaded, serious discussion our political leadersappear so unwilling to conduct."--Kirkus Reviews"The American people will only take the painful steps necessary to restore fiscal order, particularly with respect to Social Security and Medicare, when they understand the roots of the problem. Syl Schiebers The Predictable Surprise explains the demise of the retirement system with great clarity, emphasizes the importance of demographics in forcing the need for change, and provides the background knowledge necessary to sensibly consider the wayforward. I not only suggest reading this book, but hope you will encourage members of Congress to do the same."--George P. Shultz, former Secretary of Labor, Director of the Office of Management and Budget,Secretary of the Treasury, and Secretary of State"Syl Schiebers The Predictable Surprise is must-reading for scholars and students, policymakers and concerned citizens interested in retirement and retirement income issues. Schieber, an impressive researcher with sterling private-sector and policy experience, blends history, theory and data into a compelling, comprehensive analysis that confronts the difficult impending reality and points the way forward. So avoid an unpleasant surprise; read ThePredictable Surprise."--Michael J. Boskin, Tully M. Friedman Professor of Economics and Hoover Institution Senior Fellow, Stanford University, former Chairman of the Presidents Council of Economic Advisers"There are at least three reasons why Syl Schiebers work may be unique in the retirement security field. First, he is equally an expert about Social Security and about private-sector pensions. Second, he has a rare command of how the history of each system has led to its present condition. And third, he is an exceptionally creative analyst, going wherever the evidence leads and unconstrained by ideology. The Predictable Surprise may be the best bookyet written for those who want to understand each of Social Security, private pensions, state pensions and the interrelationship between them. One hopes that it will be widely read by key decisionmakers at bothends of Pennsylvania Avenue."--Charles Blahous, Senior Research Fellow, Mercatus Center, George Mason Univeristy, former Deputy Director of the National Economic Council"The Predictable Surprise is the most comprehensive review of our retirement system that I have ever read. Syl Schieber artfully blends detailed analyses of individual policy decisions with commentary on the macro retirement environment. If you want to truly understand the roots of our current retirement challenges, you must read The Predictable Surprise."--John J. Haley, CEO, Towers Watson"Those who hope to tackle one of the biggest public policy issues of the next decade should imbibe Sylvester Schiebers The Predictable Surprise: The Unraveling of the U.S. Retirement System." --World Review Quote "Schieber probably knows more about American retirement programs than anyone. He has advised the Social Security system, consulted with private firms and written widely on the subject. His book shows how todays entitlement psychology dates to Social Securitys muddled beginnings."--Robert Samuelson, Washington Post "The topic is very timely as the entire retirement system in the US is under pressure with firms and governments facing financial problems...The author is a well known expert in the field of retirement income and has written widely on these topics. He reaches out to the reader by presenting real stories that illustrate important points. Schieber relies on his background as an executive of a benefit consulting firm, his work with the government on Social Security, and his expertise as an economist. Blending these career experiences, he is able to consider the American retirement system from a variety of perspectives..."--Robert Clark, Professor of Economics and Business Management, North Carolina State University "Schieber cuts through the thicket of rhetoric and specialized knowledge to reveal the interplay of demographics, economic conditions, politics, and government regulations that have led to this current crisis. Its hard not to share Schiebers respect for the architects of Social Security and what they accomplished during difficult times, and his regret that the current political climate doesnt encourage thoughtful discussion of needed reforms. This book is an invaluable resource for anyone who wishes to engage in that discussion." --Publishers Weekly "The discussion necessarily gets deep into the weeds--analysts and policymakers will welcome the thoroughness--but general readers will appreciate Schiebers efforts to warm the material with quotations from Sophocles, Confucius, Dickens, Churchill, Lewis Carroll and even Mae West, and to demystify the arcana with a plethora of table, charts and graphs, and a useful glossary . . . Precisely the sort of levelheaded, serious discussion our political leaders appear so unwilling to conduct."--Kirkus Reviews "The American people will only take the painful steps necessary to restore fiscal order, particularly with respect to Social Security and Medicare, when they understand the roots of the problem. Syl Schiebers The Predictable Surprise explains the demise of the retirement system with great clarity, emphasizes the importance of demographics in forcing the need for change, and provides the background knowledge necessary to sensibly consider the way forward. I not only suggest reading this book, but hope you will encourage members of Congress to do the same."--George P. Shultz, former Secretary of Labor, Director of the Office of Management and Budget, Secretary of the Treasury, and Secretary of State "Syl Schiebers The Predictable Surprise is must-reading for scholars and students, policymakers and concerned citizens interested in retirement and retirement income issues. Schieber, an impressive researcher with sterling private-sector and policy experience, blends history, theory and data into a compelling, comprehensive analysis that confronts the difficult impending reality and points the way forward. So avoid an unpleasant surprise; read The Predictable Surprise."--Michael J. Boskin, Tully M. Friedman Professor of Economics and Hoover Institution Senior Fellow, Stanford University, former Chairman of the Presidents Council of Economic Advisers "There are at least three reasons why Syl Schiebers work may be unique in the retirement security field. First, he is equally an expert about Social Security and about private-sector pensions. Second, he has a rare command of how the history of each system has led to its present condition. And third, he is an exceptionally creative analyst, going wherever the evidence leads and unconstrained by ideology. The Predictable Surprise may be the best book yet written for those who want to understand each of Social Security, private pensions, state pensions and the interrelationship between them. One hopes that it will be widely read by key decisionmakers at both ends of Pennsylvania Avenue."--Charles Blahous, Senior Research Fellow, Mercatus Center, George Mason Univeristy, former Deputy Director of the National Economic Council "The Predictable Surprise is the most comprehensive review of our retirement system that I have ever read. Syl Schieber artfully blends detailed analyses of individual policy decisions with commentary on the macro retirement environment. If you want to truly understand the roots of our current retirement challenges, you must read The Predictable Surprise."--John J. Haley, CEO, Towers Watson "Those who hope to tackle one of the biggest public policy issues of the next decade should imbibe Sylvester Schiebers The Predictable Surprise: The Unraveling of the U.S. Retirement System." --World Feature Selling point: Provides a concise and current analysis of US retirement policy and debate, currently affecting 60 million Americans and their familiesSelling point: Schieber, who was Chairman of the Social Security Advisory Board, is a leading expert on retirement policySelling point: Shows that the impending retirement crisis has been heralded for decades, but we have not addressed itSelling point: Includes compact, insightful histories of Social Security and other retirement plans, as well as prudent suggestions for policy reformSelling point: Perfectly coincides with the primaries and general election, given the hot-button issues discussed New Feature Contents List of figures List of tables Preface and acknowledgments Part 1: Foundations and Fault Lines 1. Retirement USA 2. Early Motivations behind the Pension Movement Part II: Social Security, the dream and reality 3. Development and Passage of the Social Security Act 4. Early Concerns Prove Nagging and Persistent 5. Moving to Pay-as-You-Go Financing 6. A Deal too Good to Last 7. Operations under Pay-as-You-Go Financing 8. Crisis Reactions: Conflict, Consensus and Surprise 9. Sorting out the Trust Fund Semantics and Realities 10. Policy Stalemate at the Demographic Divide 11. Understanding Social Security in Modern Times Part III: Employer-based pension provision 12. Employer Pensions Taking Root 13. Growing pains for Private Retirement Plans 14. ERISA: the Transition to a New Regulatory Regime 15. The 1980s, a Decade of Regulatory Schizophrenia 16. Good Intentions Gone Awry 17. Some Good News--or Not 18. The Unfolding of a Predictable Defined Benefit Surprise 19. And Then, a Predictable Defined Contribution Surprise 20. Public pensions: the good, the bad and the ugly Part IV: Delivering benefits and providing retirement security 21. Retirement Income Security and Workers Residuals 22. End Game: A Gold Watch, Pat on the Back and More 23. Weve Killed the Goose, Lets Gild the Eggs 24. Tax Benefits and Benefit Taxes 25. Retiree Health Benefits: Misfortune or Malpractice Part V: Truth and consequences 26. The Fellow Behind the Tree 27. Securing the Social Security Foundation 28. Securing Tax-Favored Benefits and Living Standards 29. Remembering the Future Glossary Details ISBN0190240393 Author Sylvester J. Schieber Pages 480 Language English ISBN-10 0190240393 ISBN-13 9780190240394 Format Paperback Short Title PREDICTABLE SURPRISE Media Book Residence US Affiliation Social Security Advisory Board Year 2015 Subtitle The Unraveling of the U.S. Retirement System Illustrations black & white illustrations Position Former Chairman Place of Publication New York Country of Publication United States Publisher Oxford University Press Inc Publication Date 2015-07-09 UK Release Date 2015-07-09 AU Release Date 2015-07-09 NZ Release Date 2015-07-09 US Release Date 2015-07-09 Imprint Oxford University Press Inc DEWEY 368.4300973 Audience General We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:97823261;

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