ABSTRACT
The 1994–96 Social Security Advisory Council released its report in January 1997, almost a year late. The reason for the delay was that for the first time in its fifty-year history, the Council was seriously split between competing proposals designed to secure the health of the system. One set of proposals could fundamentally alter the system’s pay-as-you-go (PAYGO) structure by creating private individual accounts. Another proposal would maintain the system by trimming benefits and raising revenue.
