Mitchell video: Saving Social Security with Personal Retirement Accounts

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

httpv://www.youtube.com/watch?v=DRh5zKleh0I

2 replies
  1. Lynn
    Lynn says:

    Steve, I think this is similar to the privatization that President Bush endorsed. Although I'm not the greatest at investing, this makes perfect sense. The problem is the political nature of Congress. I am still heartbroken about losing HSAs. I'm convinced Democrats took these away in the Healthcare Program because they couldn't stand to let the best idea from President Bush administration stand. If we ever get anyone to implement these Personal Retirement Accounts, what will guarantee us that they will be allowed to be permanent? And I'm guilty because I want Obamacare to be repealed, defunded and totally emasculated, so I'm no better than the Democrats.

  2. Dimsdale
    Dimsdale says:

    The socialists in other countries have a different take on this: saving Social Security with YOUR personal retirement accounts: i.e. seizing private accounts to fund the failing socialist ones.  Just like with Øbamacare: you join up, or you pay anyway and get nothing in return.

     

    How long before this "gem" of an idea is floated?

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