There are two crises facing Social Security. First the program has a gigantic unfunded liability, largely thanks to demographics. Second, the program is a very bad deal for younger workers, making them pay record amounts of tax in exchange for comparatively meager benefits. This video explains how personal accounts can solve both problems, and also notes that nations as varied as Australia, Chile, Sweden, and Hong Kong have implemented this pro-growth reform.
Personal retirement accounts are the way to go. The Chile model has been running well for 20 years. I'm not worried, because PRA's will eventually have to be done, we have no choice.ReplyDelete