Our friend Dan Mitchell from the Cato Institute released a new video Jan. 10 on the third rail of politics, Social Security. People have been discussing the issue for years detailing how we absolutely will not be able to keep the current system running as is. If you think the $14 trillion-plus national debt is an issue, wait till you hear the total of unfunded liabilities for Social Security.
Mitchell’s videos are fantastic primers and tutorials on conservative and liberal thought. Whether you agree with everything in them, or have your doubts, not one should be missed. From the video description…
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. www.freedomandprosperity.org