...at which to discount future benefits in evaluating the future annuity benefits. In a recent study," I estimated the 1971 value of this social security...security may have reduced the stock of private wealth about 40 percent, ie, from S5 trillion of wealth that would exist without social security wealth to...

...wealth of households, exclusive of Social Security, at about $3 trillion. His calculations suggest that Social Security may have reduced the stock of...Security to the $3 trillion that currently exists. Social Security wealth nearly tripled from 1955 to 1971, rising from 114 percent of the gross national...

...is every reason to believe that at present the negative impact is even greater): In a recent study, I estimated the 1971 value of this social security...private wealth of households in that year was about S3 trillion, the calculation suggests that social security may have reduced the stock of private wealth...