Why Does Donald Trump Think Australia Has the Answer to Social Security's Woes?
Given the dire nature of the last Social Security trustees' report, it's clear that an intervention is necessary. Could switching to the Australian system work?
Overview
President Donald Trump has said that his administration is examining an overhaul of the U.S. retirement savings system, and that Trump would like that overhaul to be modeled on Australia's approach. While the president's details remain fuzzy, he promises the new system -- known as superannuation funds -- would be better for American workers.
"They have a plan in Australia, which people really like. It’s really worked out very well, incredibly well, and very respected. And we’re going to be talking about that with Congress and see if we can implement it ..." Trump was quoted as saying July 6 during a Rose Garden lunch.
Image source: The White House.
Details
Source
Originally published at www.fool.com.