Description: In the United States many important programs, such as Social Security and Medicare, are paid from trust funds. At a time when major social insurance funds are facing insolvency, this timely book provides the first comprehensive study of this significant yet little-studied feature of the American welfare state. Trust funds are at the heart of US budgeting and public social provision, and also raise a fundamental question of democratic politics: can current officeholders bind their successors? Through detailed case studies Patashnik shows how long term government commitments are effectively designed.
Review Quotes: "[Patashnik] carefully investigates empirical questions regarding the causes and consequences of trust funds, yet he also thoughtfully reflects on the normative issues surrounding such statutory commitments...Patashnik writes clearly and seriously." Journal of Public Administration Research and Theory