Dec. 11 (Bloomberg View) — You're probably going to be hearing a lot about a "retirement crisis" over the next few years. And Democrats think they know just what to do about it.

Some academics are convinced that Americans aren't saving enough, or being provided enough by the government, to sustain themselves in old age. Many Democrats think their party hasn't adequately addressed the economic anxieties of middle-class voters. Put the two concerns together, and you get a simple plan: Offer people more generous Social Security benefits. Senator Elizabeth Warren is already on board, enthusiastically throwing around the word "crisis."

The good news is that there is no retirement crisis, as my American Enterprise Institute colleague Andrew Biggs has been carefully explaining. Americans have among the highest retirement incomes in the world, both in terms of absolute buying power and relative to the incomes of the working-age population.

The National Institute on Retirement Security came out with a scary, and influential, report last year saying that 84 percent of Americans aren't saving enough for retirement. But the report used dubious assumptions, targeting a retirement income higher than other analysts think reasonable and judging people against a rigid schedule of savings. (According to the institute, people should save 12 percent of their income for retirement each year from age 31 onward, and people who expect to do more of their saving in their 40s and 50s are behind.)

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