Tag Archives : social security
The Slow-Motion Train Wreck of Entitlement Programs
The Census Bureau just released a report on America’s aging population. The big takeaway is that our population will be getting much older between now and 2050. And since I’m a baby boomer, I very much like the fact that we’re expected to live longer. But as a public finance economist, I’m not nearly as happy. As […]
read more...Will Taxpayers Be Forced to Bail Out Union Pensions?
As a supporter of genuine capitalism, which means the right of contract and the absence of coercion, I don’t think there should be any policies that help or hinder unions. The government should simply be a neutral referee that enforces contracts and upholds the rule of law. Similarly, I also don’t have any philosophical objection to employers and employees […]
read more...A Single Picture to Show that Many Nations Are Economically Doomed
Over the years, I’ve shared many charts, graphs, and tables to help people understand that the welfare state is fundamentally unsustainable. And, assuming there’s not genuine entitlement reform, many of these fiscal estimates show that the United States has a very perilous future. According to the Bank for International Settlements, the United States is in worse shape […]
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MyRAs Are the Wrong Way of Helping Ordinary People Save Money
As part of his State-of-the-Union speech, President Obama announced he was going to unilaterally create a new retirement savings account that supposedly would be available to all workers. Employers would be mandated to facilitate these”MyRA” accounts, and the money collected would be invested in “guaranteed” government bonds. There are some good features to the MyRA plan, […]
read more...Government-Run Social Security Is Bad News for Blacks and other Minorities
America desperately needs genuine entitlement reform to avoid a Greek-style fiscal future. The biggest problems are the health entitlements such as Medicare, Medicaid, and Obamacare, but Social Security also has a huge long-run fiscal shortfall. That’s why I’m a big fan of the very successful reforms in places such as Chileand Australia, where personal accounts are producing big benefits for workers.These systems […]
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What America Can Learn from the Faroe Islands about Social Security Reform
I’m currently in the Faroe Islands, a relatively unknown and semi-autonomous part of Denmark located in the North Atlantic. Sort of like Greenland, but too small to appear on most maps. I’m in this chilly archipelago for a speech to the annual meeting of the Faroese People’s Party. According to Wikipedia, “the party is supportive […]
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Personal Retirement Accounts Are Great…but only if You Can Stop Future Politicians from Confiscating the Accumulated Wealth
Most Western nations have huge long-run fiscal problems because of unfavorable demographics and misguided entitlement programs. That’s the bad news. The good news is that dozens of nations have fully or partially shifted to mandatory private savings as a pro-growth way of modernizing bankrupt tax-and-transfer Social Security systems. But good news in the short run […]
read more...I Made a $16 Trillion Mistake, but Still Had a Stronger Position in this Debate
I’ve done a handful of TV debates on Social Security, including the time I said that I wished Republicans had a secret plan for personal retirement accounts. So I thought I was well prepared for this duel with a defender of the status quo on Fox Business Network. I generally think the debate went well, […]
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How Big Government Undermines Your Future
This mini-documentary from the Center for Freedom and Prosperity Foundation highlights the devastating impact that big government has on America’s youth, who are ironically also its strongest champions.
Four major challenges facing today’s youth: 1) High youth unemployment, 2) Unreasonable healthcare burdens, 3) Poor returns from Social Security, and 4) burgeoning student loan debt.
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Unexpected Praise for Australia’s Private Social Security System
One reason I’m so bullish on Australia is that the nation has a privatized Social Security system called “Superannuation,” with workers setting aside 9 percent of their income in personal retirement accounts (rising to 12 percent by 2020). Established almost 30 years ago, and made virtually universal about 20 years ago, this system is far […]
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