"The social policy story of the past generation is the shift of economic risk from government and employers onto workers and their families,” Yale’s Jacob Hacker writes in Politico. Few workers have enough retirement savings, and proposed solutions “mostly look like Band-Aids. Save more! Tweak 401(k)s! Instead, what’s needed is a fundamental rebalancing of risk.” Hacker’s solution: Social Security Plus, which would make the 401(k) universal and convert the savings into a lifetime annuity upon retirement.
