Our analysis of Social Security combines two tools often used in macroeconomics. The first is the life-cycle model of consumption/saving, which provides insights into how individuals and households make consumption and saving decisions over long time horizons. We saw that people do not have to match their consumption to their spending each year; instead they can save or borrow to keep their consumption relatively smooth over their lifetimes. However, they must still satisfy a budget constraint over their entire lifetime. The second is the government budget constraint. We first examined the case where the government kept the Social Security system in balance. In this case, revenues and payments were equal each year. Then we examined the case where the government did not necessarily match revenues and spending. In this case, there is still an accounting of government flows that links surpluses and deficits today with future obligations. Our discussion illustrates a very important fact about how the economy works: household behavior typically responds to government policy. In the case of Social Security, we saw that households reduce their saving when the government saves on their behalf.
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