Approximately Perfect: Social Security Day!

The Times finally gets Social Security right!

Approximately Perfect: Social Security Day!: "Social Security privatization and tax incentives for the affluent have another major drawback that endangers everyone's retirement security. Neither would add to national savings - the sum of government and individual savings that is a key determinant of the nation's overall standard of living. Privatization would not add to national savings because every dollar that goes into a private account would be offset by the government borrowing needed to establish the private system. Tax incentives for the rich do not add to national savings because they simply induce wealthy people to shift current assets from taxable to tax-free accounts.

Put more simply, with privatization and continued high-end tax breaks, the few would get richer as the many fall behind. Preserving Social Security while increasing savings outside Social Security is a better way to achieve a prosperous retirement."