Political Risk vs Market Risk in Social Security

This research was supported by the U.S. Social Security Administration through grant #10-P-98363-2 to the National Bureau of Economic Research as part of the SSA Retirement Research Consortium. The findings and conclusions expressed are solely those of the author(s) and do not represent the views of SSA, any agency of the Federal Government, or the NBER. The authors would like to thank Gopi Shah, Colleen Flaherty, Eugene Kim, and Sanjee Singla for superb research assistance.