25 of 25 people found the following review helpful
Impeccable and Typical of the CEPR,
Verified Purchase(What's this?)
This review is from: Social Security: The Phony Crisis (Paperback)
There are some reviews listed by people who seem to be under the spell of the illusory "free markets." They seem to think that putting "must-have" money into risky investments like the stock market is a great idea. They are missing an important statistical fact when they quote the return on the US stock market, and that is that any average you calculate for a given period will be less for non-elite investors. Through insider trading and superior knowledge, better off investors do far better than non-elite investors. This has been conclusively demonstrated by research into 401k returns and is called the "yield disparity." It is one major reason, in addition to companies contributing less to 401ks than they did to pensions, why so many people's retirement in the US is at risk. Furthermore, all the major investment banks know this, and they are still pushing for to take over the social security system for their own purposes.
As far as calling the authors left wing or crackpots. I can tell you the work done by Dean Baker and by the Center for Economic and Policy reseach is some of the best economics done in the country. They are one of the few economic institutes of note who have not sold out to large power interests. If you sit in the top 2% of wealth in the country, go ahead and call them names. You need to, because their facts can not be argued away so easily. However, the rest need to wake up. If you are part of the rest of population (the other 98%) of the country in income and agree with Social Security "reform" you either don't know what is intended for Social Security (i.e. handing it over to wall street) or did not understand the arguments expressed in this book.