07.26.2023 - By J. David Stein
In 2005, Congress debated giving U.S. workers private savings accounts to invest their Social Security contributions in the stock and bond markets. Sixteen years later, we review how that would have worked out for workers.
Other topics discussed include:How the public and private sectors are both critical for a functioning social security systemsWhich countries pay the highest social security benefitsHow have other privatized social security plans worked out around the worldHow workers prefer defined contribution plans even though they are worse off than if defined benefit plans were still widely availableHow worried should we be about aging populations and rising dependency ratiosWhy Social Security won't go away
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Show Notes
Greenspan "There is nothing to prevent the government from creating as much money as it wants."—YouTube
Estimated Financial Effects of the "Social Security Personal Savings Guarantee and Prosperity Act of 2005" by Stephen C. Goss—Social Security Administration
Social Security Quick Calculator—Social Security Administration
The average 401(k) balance by age by Pau Deer—Empower
CBO’s 2022 Long-Term Projections for Social Security—Congressional Budget Office
Policy Basics: Top Ten Facts about Social Security—Center On Budget and Policy Priorities
Evaluation of Four Decades of Pension Privatization in Latin America, 1980-2020: Promises and Reality by Carmelo Mesa-Lago—SSRN
Population Age Structure and Secular Secular Stagnation: The Long Run Evidence by Joseph Kopecky—SSRN
Does Human Capital Compensate for Depopulation? by M. Siskova, Michael Kuhn, Klaus Prettner, Alexia Fürnkranz-Prskawetz—SSRN
How Much Do Public Employees Value Defined Benefit versus Defined Contribution Retirement Benefits? by Oliver Giesecke and Joshua D. Rauh—SSRN
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