economy
Social Security 'doesn't allow most Americans to build wealth,' BlackRock's Larry Fink says
Social Security is "one of the most effective poverty-prevention programs in history," but it could be improved, BlackRock CEO Larry Fink wrote in a new letter.
TL;DR
- BlackRock CEO Larry Fink suggests Social Security could benefit from investing a portion of its assets more aggressively to generate higher returns.
- Fink proposes diversifying investments, comparing it to federal Thrift Savings Plans, not privatizing Social Security.
- Critics worry that such a move could increase financial risk and potential for losses.
- Social Security's retirement trust fund may run out of funds in 2032 without reform.
- Other lawmakers have proposed creating a new fund to be invested in stocks and bonds to supplement Social Security.