The arguments for privatized retirement accounts are so compelling, from Australia and elsewhere, that only fools can oppose them. And by “fools” I mean Democrats and other Statists who demand control of other people’s money.
Originally posted on International Liberty:
There are two serious problems with America’s Social Security system. Almost everyone knows about the first problem, which is that the system is bankrupt, with huge unfunded liabilities of about $30 trillion.
The other crisis is that the system gives workers a lousy level of retirement income compared to the amount of taxes they pay during their working years. Younger workers are particularly disadvantaged, as are African-Americans because of lower life expectancy.
These are critical issues, but perhaps looking at a couple of charts is the best way to illustrate why the Social Security system is inadequate.