|certify that any proposed Social Security legislation did not retard achievement of the target financial standards. Without such imprimatur, legislation would require a supermajority to pass in the Senate, be subject to points of order in the House, and confront other procedural obstacles.|
I think, but am not confident, that such safeguards would make it a better-than-even-money bet that accumulation of Trust Fund reserves would boost national saving at least as much as would accumulations in individual accounts. But I am sure that the difference would be small. Given such a difference, I am quite willing to see my children become only 50 percent richer than I am, rather than 55 percent, if that is the price to retain a pension system that spares those who have meager income or little financial knowledge exposure to the risk that a drop in asset prices or real interest rates will undercut their retirement or disability benefits. Wouldn't you be willing to make that trade, too?