Social Security make believe
April 21st 12:29:00 PM
From an article in the Washington Post that tries to dismiss personal accounts in light of the ups and downs of the stock market:
For many older baby boomers who once felt comfortable but have seen their 401(k)s and other accounts eviscerated the past two years, the magic words are no longer "stock market" -- they're "Social Security." That program, which is going to need to cut growth in benefits or get a huge bailout in a few years, is assuming a more important role in retirement planning than it has in decades.
The only problem with arguing that Social Security is becoming more important? It's not true. Yesterday, U.S. News & World Report highlighted this finding from a recent Gallup poll:
Given the decline in other investments, you might expect Americans to say they will increasingly rely on Social Security to finance retirement. But that didn’t happen. About 30 percent of Americans expect Social Security to be a major source of retirement income. This is roughly the same as last year and has remained fairly steady throughout the past decade.
It's okay to disagree with personal accounts, but let's have a fair fight. As Senator Daniel Patrick Moynahan said, "Everyone is entitled to his own opinion, but not his own facts."
Posted by Ryan Lynch