On Social Security and PSAs:
Personal accounts won't prevent Social Security's impending bankruptcy. Personal accounts are great for other reasons: they will encourage savings, provide a more comfortable retirement, give people a nest egg they can own and increase personal responsibility. But the accounts won't solve the insolvency problem.
Bush should stop talking about these two issues -- insolvency and personal accounts -- as though they are connected. He needs to concentrate on one or the other to start.
Tyler Cowen makes some strong arguments for encouraging saving for retirement, without entering the minefield of PSAs.
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