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Larry Kudlow on Social Security

 

 


Market's higher return trounces Social Security's low yield

Kudlow places the blame for Social Security's doomsday forecasts on the anemic growth rate of its asset reserves. Said Kudlow in a 2007 article in National Review: "The real problem with Social Security is not bankruptcy. It's the dreadful investment return (barely 1 percent) that future retirees have to look forward to. If Americans had the chance to purchase S&P 500 SPDR contracts, and were able to hold them for fifty years, they would receive a real return of at least 7 percent compounded annually based on the history of the stock market. That's a lot of Benjamins."

In plainer English, Kudlow backs the idea of partially or fully privatizing Social Security to allow working Americans control over a portion of their retirement benefit. To be fair, the average rate of return on Social Security's asset reserves˙is a much healthier 2.9% today. But if working Americans could invest in the stock market over the long term, they would have an opportunity to best this 2.9% return.

Source: Sean Williams in Motley Fool blog, on Trump Cabinet , Jul 19, 2018

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