Should Social Security Be Privatized?
Many developed countries operate comprehensive public pension programs to protect the elderly against a wide range of adverse economic circumstances. In the United States, the Social Security program has been in operation for 60 years and has expanded over time in terms of both payroll tax rates and per capita benefits. The manner in which such programs are financed and the methods used to provide retirement and other benefits exert a significant influence on national saving, the labor supply, and ultimately, economic growth.
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