Nightmare for Elderly Might Not Be Unavoidable: Chris Farrell

Republicans and Democrats are starting to battle in earnest over how to cut federal discretionary spending. Eventually the ominous arithmetic of entitlements and tax revenue will require the focus to turn to the Social Security benefit formula (as well as Medicare).

While much of the attention is on benefits paid or taxes raised, the solution may lie in reviving an idea with a venerable history in the U.S. and lessons to draw on from other countries: Mandatory individual retirement savings accounts.