Becker on Social Security
August 1, 2002
Nobel-laureate Gary Becker, a member of Cato's Social Security Advisory Board, comments on the Social Security debate in a recent interview published by the Federal Reserve Bank of Minneapolis. Excerpts follow:
"I do believe individuals should be given most of the discretion over their money, and I believe very much in a privatized system." "So I would like a privatized system in large measure because that could allow people to decide how much they want to save for their old age. They can get access to that savings at say age 65, whether they retire or not. A good system should separate the decision to retire from when older persons get access to their assets. The amount they would save would then no longer be taxed, and the amount they get out at 65 would be either an annuity or lump sum payment."
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