> >I agree current and near retirees are not in much
>>danger under the Bush plan. But I think the fate
>>of young workers is completely up in the air. If
>>the long-term projections are right (which I
>>dispute), the private accounts to not avert extreme
>>financial distress around 2050 or so. If they are
>>wrong, the private accounts returns are still eaten
>>up by transaction costs and annuity conversion costs,
>>among other threats. If that Yale guy is right about
>>market overvaluation, there will hardly be any
>>positive returns.
>>
>>mbs
>>
>>
I've always been very impressed by the Yale guy (Robert Shiller)...
Brad DeLong
