America desperately needs genuine entitlement reform to avoid a Greek-style fiscal future.
That’s why I’m a big fan of the very successful reforms in places such as Chile andAustralia, where personal accounts are producing big benefits for workers. These systems also boost national economies since they generate higher savings rather than added unfunded liabilities.
And I’m very happy that we now have more than 30 nations with personal accounts, even tiny little jurisdictions such as the Faroe Islands.
But many statists object to reform, presumably because they don’t want workers to become capitalists. They apparently prefer to make people dependent on government.
Social Security is especially bad for Blacks and Hispanics. The Urban Institute, a left-leaning group, has produced research showing that Social Security redistributes income from Blacks and Hispanics to Whites. That’s mostly because of the dysfunctional lifestyles of minorities compared to Whites, meaning it is within their power to change this result. But the Left in America bears a lot of responsibility for this result because of their Leftist social welfare policies that have encouraged minorities to be dependent on government, resulting in a lack of incentive to improve their own lives by working.
This video shows how Social Security is working presently and what will happen to it in the not too distant future:
Read the whole thing.