Administrative Aspects of Individual Accounts or The Devil is in the Details and He Could Spear You

Testimony

Administrative Aspects of Individual Accounts or The Devil is in the Details and He Could Spear You

Testimony before the House Budget Committee

Abstract

Many advocates of individual social security accounts implicitly assume that an acceptable strategy can be developed for implementing their plan. International experience suggests that this is a dangerous assumption. No country has yet successfully implemented individual accounts in a way likely to be acceptable in the U.S. Supporters of individual accounts need to pay more attention to administrative details if they want to avoid another catastrophic health fiasco.

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