8/3/2019 Still a Better Deal: Private Investment vs. Social Security, Cato Policy Analysis No. 692

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I}icyroui Syjjap

F||fgigrs fe annfxogh fyghip xfpkips rf|pouarin oguisr a |fprofg fe rmiop Sfcoan Sicy*por ra}is rmpfyhm |ipsfgan accfygrs maui nfgh|fogrib rf rmi sy||fsib poskogiss fe |pouari og*uisrjigr' Rmi ufnaronor fe |pouari ca|oran jap*kirs fuip rmi |asr siuipan iaps. agb is|icoann pi*cigr bicnogis og rmi srfck japkir. maui siijibrf `fnsrip rmiop aphyjigr'

Mfxiuip. |pouari ca|oran oguisrjigr pijaogs

pijapka`n saei fuip rmi nfgh ripj' Bis|ori pi*cigr bicnogis og rmi srfck japkir. a xfpkip xmfmab oguisrib |pouarin fuip rmi |asr 2< iapsxfynb maui sronn iapgib ag auipahi iapn pirypgfe 5'=9 |ipcigr oguisrogh og rmi S%\ 9

8/3/2019 Still a Better Deal: Private Investment vs. Social Security, Cato Policy Analysis No. 692

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Rmi pirypgs epfjnfgh*ripj |pouari

oguisrjigr sronn`iar rmi pirypg

epfj SfcoanSicypor'

Ogrpfbycrofg

F||fgigrs fe annfxogh fyghip xfpkipsrf |pouarin oguisr a |fprofg fe rmiop SfcoanSicypor ra}is rmpfyhm |ipsfgan accfygrs

maui nfgh |fogrib rf rmi sy||fsib posko*giss fe |pouari oguisrjigr' Rmi ufnaronor fe|pouari ca|oran japkirs fuip rmi |asr siuipaniaps. agb is|icoann picigr bicnogis og rmisrfck japkir. maui siijib rf `fnsrip rmiopaphyjigr'

Efp i}aj|ni. \pisobigr F`aja xapgibrmar. A eix iaps ahf. xi mab a bi`ari a`fyr|pouarotogh Sfcoan Sicypor' Agb Ob mauirmfyhmr rmar bi`ari xfynbui `iig |yr rfpisr fgci agb efp ann ` rmi eogagcoan cpososxiui dysr i}|ipoigcib' Ob maui rmfyhmr. ae*

rip `iogh pijogbib mfx qyockn rmi srfckjapkir cag ryj`ni. aerip siiogh rmi xianrm|if|ni xfpkib a noeiroji rf iapg xo|ib fyrog a jarrip fe bas; rmar gf fgi xfynb xagrrf |naci `irs xorm Sfcoan Sicypor fg XannSrpiir'1 Agb rmig*S|iakip Gagc \infso-B*CA/ cnaojib rmar |ipsfgan accfygrsxfynb maui jiagr rmar sigofps xfynb mauinfsr rponnofgs jfpi og rmi eogagcoan cposos'0

Og pianor. mfxiuip. houig a nfgh*ripj og*uisrjigr mfpotfg. gfr fgn os |pouari ca|oranoguisrjigr a pijapka`n saei `ir. `yr rmi pi*rypgs epfj nfgh*ripj |pouari oguisrjigr sronn`iar rmi pirypg epfj Sfcoan Sicypor' Cfg*

rpap rf xmar rmi |pisobigr agb Pi|pisigra*roui \infso oj|noib. oe xi mab isra`nosmib assrij fe ogbouobyan accfygrs 2< iaps ahf.ogbouobyans piropogh gfx. agb oguisrogh |po*uarin rmpfyhm rmfsi accfygrs. xfynb i ir*rip fee rmag rmi api ygbip Sfcoan Sicypor'

Houig Sfcoan Sicypors fghfogh eogag*coan |pf`nijs agb ors oga`onor rf |a cyp*pigrn |pfjosib `igieors. |ipsfgan accfygrspijaog ag oj|fpragr agb uoa`ni f|rofg efppiefpjogh rmi rpfy`nib ssrij' Or os oj|fp*ragr. rmipiefpi. rf capieynn i}ajogi japkir

|ipefpjagci agb cfj|api rmar |ipefpjagcixorm Sfcoan Sicypor `igieors'

Sfcoan SicyporsEaonogh Eogagcis

Anrmfyhm Sfcoan Sicypor piefpj manaphin `iig fee rmi |fnorocan pabap sogci

Sfypci4 A Syjjap fe rmi 0

8/3/2019 Still a Better Deal: Private Investment vs. Social Security, Cato Policy Analysis No. 692

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Og pianor. rmiSfcoan SicyporRpysr Eygb os gfag assir rmar cag`i ysib rf |a`igieors'

\pisobigr Hifphi X' @ysms eaonib arrij|r rfpiefpj rmi ssrij og 0

8/3/2019 Still a Better Deal: Private Investment vs. Social Security, Cato Policy Analysis No. 692

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Og rmiYgorib Sraris.rmi pirypg fg

ca|oran mas

higipannpyg a`fyr

0'9 |ipcigrahi|fogrs mohmip

rmag rmi pirypgfg na`fp'

agb rmipiefpi xonn `i mohmip rmag rmi `igi*eors rmar Sfcoan Sicypor cag aeefpb rf |a' Ogrmi Ygorib Sraris. rmi pirypg fg ca|oran mashigipann pyg a`fyr 0'9 |ipcigrahi |fogrsmohmip rmag rmi pirypg fg na`fp'10

Fg rmi frmip magb. ca|oran japkirs api`frm posk agb ufnaroni' Eohypi 0 smfxs rmiaggyan pian pirypg rf rmi Bfx fuip rmi nasr2< iaps' Cniapn. rmipi mas `iig a mohm bi*hpii fe ufnaronor. xorm rmi japkir jakoghnaphi sxoghs bfxg as xinn as y|' Mfxiuip.bis|ori rmfsi bfxgrypgs. rmi S%\ auipahibag aggyan pian pirypg fe 5'=9 |ipcigr fuiprmi |ipofb'13

Ar rmi saji roji. `fgbs xipi eap niss ufnaroni. rmfyhm rmipi xipi sronn |ipofbs fegiharoui pirypgs -Eohypi 3/' Fuip rmi |asr 2