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Finance and Economics Discussion Series
Divisions of Research & Statistics and Monetary Affairs
Federal Reserve Board, Washington, D.C.
A Historical Welfare Analysis of Social Security: Whom Did the
Program Benefit?
William B. Peterman and Kamila Sommer
2015-092
Please cite this pap er as:
Peterman, William B., and Kamila Sommer (2015). “A Historical Welfare Analysis
of Social Security: Whom Did the Program Benefit?,” Finance and Economics Discus-
sion Series 2015-092. Washington: Board of Governors of the Federal Reserve System,
http://dx.doi.org/10.17016/FEDS.2015.092r1.
NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary
materials circulated to stimulate discussion and critical c omme nt. The analysis and conclusions set forth
are those of the authors and do not indicate concurrence by other members of the research staff or the
Board of Governors. References in publications to the Finance and Economics Discussion Series (other than
acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.
