Wednesday, August 15, 2018

Free-Market Social Security

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Today is the 83rd anniversary of Social Security, and this year it went into the red. In the long run, it has a shortfall of $32 trillion.

John Stossel says that the program is unsustainable. Young people shouldn't expect it to cover their retirement.

Romina Boccia explains the Heritage Foundation's plan to allow young people to contribute to their Social Security payments via private investment accounts.

Those private accounts would likely grow faster than people's contributions to Social Security, and young people could invest in "whatever floats your boat," Boccia tells Stossel.