Wednesday, May 09, 2012
Australia vs. the United States - on Social Security
Hello Washington, D.C. Is anybody listening?...
Daniel J. Mitchell has the story at Townhall.com:
"There are two serious problems with America’s Social Security system. Almost everyone knows about the first problem, which is that the system is bankrupt, with huge unfunded liabilities of about $30 trillion. The other crisis is that the system gives workers a lousy level of retirement income compared to the amount of taxes they pay during their working years. Younger workers are particularly disadvantaged, as are African-Americans because of lower life expectancy. These are critical issues, but perhaps looking at a couple of charts is the best way to illustrate why the Social Security system is inadequate. Let’s start by looking at some numbers from Australia, where workers set aside 9 percent of their income in personal retirement accounts."
