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.
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