Word: pras
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...recently increased budget thanks to the term bill fee hike. More importantly, it left undergrads without a major spring concert. But we are confident that the HCC has it right this year. In light of this summer’s announcement that the Fugees—comprised of Wyclef, Pras, and Lauryn Hill—have reunited, Wyclef will certainly stir significant interest.And, from the looks of things, students’ interest is already piqued. During the first hour of ticket sales, which began at 12 p.m. on Wednesday, 612 tickets were sold ($16 for students, $23 for non-affiliates...
...While PRAs, as the President envisions them, will not solve Social Security’s sustainability problems—this will be the role of tough choices on how to slow the long-term growth in benefits—there are other compelling reasons to implement them. PRAs give Americans greater opportunity to exercise control over their retirement savings, instead of forcing them to buy into the antiquated pay-as-you-go government system. It is this choice that makes PRAs a good addition to Social Security, even if the current system were not in trouble. In addition, the claim...
Furthermore, it is misleading to cite the short-term increase in government borrowing—the “transition costs”—as a downside to PRAs. Government borrowing hurts the economy because it saps funds from the supply of national savings and thus raises real interest rates, which crowds out private investment. But every dollar the government borrows is transferred into PRAs, which increases the supply of savings by an equal amount. The net effect on national savings is zero...
Given the added choice of PRAs, I would choose to divert as much of my payroll taxes as allowed into stock index funds. Others might choose to stay in the pay-as-you-go system or to invest their PRAs in government bonds because of a highly risk-averse nature. That’s the beauty of a system with more choice. In the end, people can choose the level of risk and thus the level of return that suits them best...
Some inevitably find this risk too high and cite it in opposing voluntary PRAs. But this is a false argument because nobody who finds PRAs too risky is forced to choose them. Only those who want to accept more risk for more return will choose PRAs, and it should not be government’s role to prohibit that they...