Americans believe that people should work hard and get ahead on their own, but when disaster strikes and they need help with retirement or disability, Americans as a whole should come to their aid.
Even people who feel perfectly comfortable investing in the stock market and owning their own homes often have qualms about individual medical accounts or Social Security private accounts.
If you look at how the US economy has suffered over the last 15 or 20 years, it's in significant part because we haven't done the investments in research and development and infrastructure and other public goods that are necessary for our growth. And, unfortunately, we're going to be feeling that overhang for a long time to come, because it's the investments we made in the 1950s and '60s and '70s that result in some of the greatest technological breakthroughs that we enjoy today.
