Last updated on: 4/27/2010 | Author:

Jagadeesh Gokhale, PhD Biography

Former Senior Economic Advisor with the Federal Reserve Bank of Cleveland
Pro to the question "Should Social Security Be Privatized?"

“Many less-well-off households- particularly minority households and those with low education and earnings – currently save very little and therefore own almost no financial wealth at retirement. As a result, the distribution of bequeathable wealth among retirees in the United States is highly unequal. There is strong evidence that Social Security, which forces the poor to annuitize a large fraction of what would otherwise be their retirement savings, may be contributing to this inequality.

In contrast, a system of individual accounts would allow workers to accumulate real and bequeathable wealth and would lead ultimately to greater equality of wealth.

Social Security privatization therefore becomes the truly progressive option for reform – one that is most likely to benefit the poor.”

“The Impact of Social Security Reform on Low-Income Workers,” Social Security Privatization, Dec. 6, 2001

Involvement and Affiliations:
  • Senior Fellow, Cato Institute
  • Staff Member, Project of Social Security Choice, Cato Institute
  • Member, Social Security Advisory Board
  • Co-developer, ESPlanner
  • Senior Economic Advisor, Federal Resere Bank of Cleveland, 2000-2003
  • Visiting Fellow, American Enterprise Institute, 2003
  • Consultant, US Department of Treasury, 2002
  • Economic Advisor, Federal Resere Bank of Cleveland, 1994-1999
  • Economist, Federal Resere Bank of Cleveland, 1990-1993
  • PhD, Economics, Boston University, 1990
  • MPhil, University of Poona (India), 1983
  • MA, University of Poona, 1983
  • BA, University of Poona, 1983
  • None found
Quoted in:
Pro & Con Quotes: Should Social Security Be Privatized?