Quote of the Day: On China’s Retirement System
From last Thursday’s Best of the Web, on China’s aging population — elaboration unnecessary:
China is facing a pension crisis, the New York Times reports:
Most troubling to financial experts, the government has used payroll taxes paid by the current generation of workers, who in theory are paying into their individual retirement accounts, to pay pensions for the previous generation.
Good thing we don’t do that in America!
