Private accounts: How NOT to save Social Security

Social Security is going broke, and some people argue that "private accounts" are the best way to save the program. Journalist and lawyer Anne Kim explains why Social Security privatization won't work and suggests a better way to ensure the program's future financial footing.

Sources cited:

Committee for a Responsible Federal Budget: https://www.crfb.org/blogs/cbo-social...

CNN: https://www.cnn.com/2023/03/31/politi...

Social Security Administration: https://www.ssa.gov/oact/trsum/

Macrotrends.net: https://www.macrotrends.net/2324/sp-5...

Federal Reserve: https://www.federalreserve.gov/econre...

Pew Research Center: https://www.pewresearch.org/short-rea...

Federal Reserve Survey of Household Economics and Decisionmaking: https://www.federalreserve.gov/public...

Lending Tree: https://www.lendingtree.com/credit-ca...

Lending Tree: https://www.lendingtree.com/student/s....

Federal Reserve Survey of Consumer Finances: https://www.federalreserve.gov/public...

CNBC: https://www.cnbc.com/2024/11/19/bank-...

Bank of America: https://institute.bankofamerica.com/e...

CNBC: https://www.cnbc.com/2017/01/04/a-bri...

Vanguard – How America Saves: https://institutional.vanguard.com/co...

Social Security Administration – Maximum Taxable Income: https://www.ssa.gov/oact/cola/cbb.html

Congressional Budget Office: https://www.cbo.gov/budget-options/60955

National Association of Social Insurance: https://www.nasi.org/discussion/socia....

U.S. Census Bureau: https://www.census.gov/library/storie...

Yahoo Finance: https://finance.yahoo.com/news/elon-m...

US News: https://money.usnews.com/money/retire...

Image credits:

Jeff Bezos: Steve Jurvetson - Flickr: Bezos’ Iconic Laugh, CC BY 2.0, https://commons.wikimedia.org/w/index...

Elon Musk: Gage Skidmore, via Wikimedia Commons

Mark Zuckerberg: Anthony Quintano, via Wikimedia Commons