> Whether they do so with labeled accounts or not seems more of an implementation detail.
I think this is an implementation detail of huge significance.
In the CPF system, your current contributions pay for your own future retirement. In the Social Security system, your current contributions pay for current retirees' retirement.
The CPF system is sustainable, because it truly is a savings scheme. The U.S. Social Security system is not, because it relies on having a tax base that never diminishes.
I think this is an implementation detail of huge significance.
In the CPF system, your current contributions pay for your own future retirement. In the Social Security system, your current contributions pay for current retirees' retirement.
The CPF system is sustainable, because it truly is a savings scheme. The U.S. Social Security system is not, because it relies on having a tax base that never diminishes.