“Most Western nations have huge long-run fiscal problems because of unfavorable demographics and misguided entitlement programs. That’s the bad news. The good news is that dozens of nations have fully or partially shifted to mandatory private savings as a pro-growth way of modernizing bankrupt tax-and-transfer Social Security systems. But good news in the short run doesn’t mean good news in the long run if greedy politicians decide to loot the wealth accumulated in personal retirement accounts. That’s already happened in Argentina and Hungary, and now it’s happened in Poland.”
