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Social Security Personal Accounts: Prosperity for All

July 1, 2013

Fully funding future retirement benefits through real savings and investment is the only real solution for Social Security and Medicare, eliminating unfunded liabilities entirely. That is what personal accounts do.

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Fully funding future retirement benefits through real savings and investment is the only real solution for Social Security and Medicare, eliminating unfunded liabilities entirely. That is what personal accounts do. We readily understand this when discussing underfunded state and local public employee pension systems and their unfunded liabilities. But somehow when it comes to Social Security and Medicare, with unfunded liabilities that dwarf those of state and local pensions, we suspend reason and ignore what we apply to all other retirement systems. Shifting to personal accounts for Social Security would result in several breakthroughs.
Author
Peter Ferrara, J.D., is a senior fellow at The Heartland Institute and an advisor for entitlement reform and budget policy at the National Tax Limitation Foundation.