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January 11, 2011

CF&P Video: Explains Only Way To Rescue Social Security

Topics: Political News and commentaries

The Cato Institutes's Dan Mitchell provides this video primer on the crisis facing Social Security and the lack of real options for reform. He explains that 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. He goes on to explain 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.

Well worth taking the time to watch and pay attention to. As Dan notes in his piece at Cato, Personal accounts are part of Congressman Paul Ryan’s Roadmap proposal, and recent polls show continued strong support for letting younger workers shift some of their payroll taxes to individual accounts.

Posted by Richard at January 11, 2011 3:17 PM

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