In 2005, Congress debated giving U.S. workers private savings accounts to invest their Social Security contributions in the stock and bond markets. Sixteen years later, we review how that would have worked out for workers. Other topics discussed include: How the public and private sectors are both critical for a functioning social security systemsWhich countries pay the highest social security benefitsHow have other privatized social security plans worked out around the worldHow workers prefer defined contribution plans even though they are worse off than if defined benefit plans were still widely availableHow worried should we be about aging populations and rising dependency ratiosWhy Social Security won't go away Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Factor - Use code david50 to get 50% off your meal order Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Greenspan "There is nothing to prevent the government from creating as much money as it wants."—YouTube Estimated Financial Effects of the "Social Security Personal Savings Guarantee and Prosperity Act of 2005" by Stephen C. Goss—Social Security Administration Social Security Quick Calculator—Social Security Administration The average 401(k) balance by age by Pau Deer—Empower CBO’s 2022 Long-Term Projections for Social Security—Congressional Budget Office Policy Basics: Top Ten Facts about Social Security—Center On Budget and Policy Priorities Evaluation of Four Decades of Pension Privatization in Latin America, 1980-2020: Promises and Reality by Carmelo Mesa-Lago—SSRN Population Age Structure and Secular Secular Stagnation: The Long Run Evidence by Joseph Kopecky—SSRN Does Human Capital Compensate for Depopulation? by M. Siskova, Michael Kuhn, Klaus Prettner, Alexia Fürnkranz-Prskawetz—SSRN How Much Do Public Employees Value Defined Benefit versus Defined Contribution Retirement Benefits? by Oliver Giesecke and Joshua D. Rauh—SSRN See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

AI models like ChatGPT could lead to massive productivity gains, accelerated economic growth, and higher stock returns. Here's how to invest in AI. Topics covered include: How workers are already using AI models like ChatGPT to boost productivityWhy ChatGPT is better at search than Google for certain queriesHow AI models will change the economic narrativeWhat are ways to invest in AI, including specific ETFs For more information on this episode click here. Sponsors NetSuite – the leading integrated cloud business software suite Masterworks – invest in contemporary art Masterworks Disclosure: “net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd  Show Notes Sarah Silverman Sues OpenAI and Meta Over Copyright Infringement by Zachary Small—The New York Times ChatGPT saw its first-ever user decline in June by Igor Bonifacic—Engadget A New Chat Bot Is a ‘Code Red’ for Google’s Search Business by Nico Grant and Cade Metz—The New York Times How to get a handle on AI’s many implications for economies and markets by Neil Shearing—Capital Economics Lessons From the Catastrophic Failure of the Metaverse by Kate Wagner—The Nation To Drive AI, Chip Makers Stack ‘Chiplets’ Like Lego Blocks by Yang Jie—The Wall Street Journal Investments Mentioned iShares Semiconductor ETF (SOXX) Roundhill Generative AI & Technology ETF (CHAT) Robo Global® Artificial Intelligence ETF (THNQ) iShares Robotics & Artificial Intelligence Multisector ETF (IRBO) iShares Exponential Technologies ETF (XT) Vanguard Total World Stock ETF (VT) Related Episodes 184: Massive Job Losses Are Inevitable, But There Will Still Be Work 198: Capitalism Is Creation 256: Will Artificial Intelligence Change Investing? 417: Will Generative AI Replace Your Job? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.