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Candor, Compromise, and Equity Must Guide Policymakers as They Meet Challenges of Aging Societies

By Paul Schott Stevens

November 29, 2010

In London today, at a hearing room of the House of Commons, I addressed The Henry Jackson Society, a nonpartisan think tank focused on human rights, constitutional democracy, and institutional reform. Asked to speak on the topic of “The Economic Future of an Aging Developed World,” I proposed three guiding principles for policymakers as they address the severe fiscal challenges we face. Those principles are candor, compromise, and equity. Here’s some of what I had to say:

Now, as the United States and other nations rise to meet these challenges, I modestly propose three guiding principles for policymakers and citizens. I believe these principles apply particularly well to my own country—but are applicable elsewhere.

First, we absolutely have to be candid about the extent of the problems and the consequences of choices. Too often, leaders have relied on wishful thinking and false promises in enacting policies without communicating—or even understanding—the long-term budgetary effects. The health-care legislation passed in the United States last spring, for example, promised “savings” from a variety of sources, such as cuts in physician payments, that have already proved politically difficult and unreliable.

A stiff dose of realism and truthfulness is absolutely essential—and, I believe, would be welcomed by all of our publics. Benjamin Franklin wrote in Poor Richard’s Almanack: “Honesty is the best policy.” On these vital issues, it should be the only policy.

The second principle is that the most promising solutions to fiscal problems will be multi-faceted and will require compromise. Spending cuts alone will not set budgets right—but neither will tax increases. Both the public and private sectors must do their shares. Only if the burdens are widely shared will the benefits be as well. It is essential to focus on policies that promise sound, long-term economic growth, by fostering productivity and entrepreneurship. In short, we must have a mix of reforms, including ideas that reach beyond government to rely upon individual enterprise and responsibility as well. …

My third and final principle for dealing with the fiscal challenges of aging populations is that solutions must be equitable in the broadest sense. It is clear that we will have to make adjustments to our health and income programs. These adjustments must be fair to today’s retirees, and to those who will retire in the next decade. They must take into account the interests of the young person just graduated from university and seeking a first job. They must take into account those of newborns, and of millions yet to be born. And they must preserve our willingness and means to safeguard the blessings of freedom for today’s and future generations.

  • Read the full speech, “The Global Challenge of Retirement Security”
  • Learn more about ICI’s work on retirement policy.

Paul Schott Stevens is the President and Chief Executive Officer of the Investment Company Institute.

TOPICS: Retirement Policy

EBRI/ICI: Average 401(k) Account Balance Among Consistent Participants Rose Nearly 32 Percent in 2009

By ICI Viewpoints

November 22, 2010

The average 401(k) retirement account rose 31.9 percent in 2009, according to a report released today by the Employee Benefit Research Institute (EBRI) and the ICI analyzing a group of consistent participants. 

Read more…

TOPICS: 401(k)Retirement Research

New ICI Study Finds Private-Sector Retirement Plans Play Increasingly Important Role Across All Incomes

By ICI Viewpoints

November 18, 2010

Data in a new ICI study show that across all income groups, private-sector retirement income is more prevalent among retirees today than in the mid-1970s.

Read more…

TOPICS: Retirement Research

ICI Warns Against “Piecemeal” Approach to Municipal Securities Disclosure

By ICI Viewpoints

November 16, 2010

The Institute filed a comment letter today with the Securities and Exchange Commission on its proposals to improve disclosure for asset-backed securities. Our view broadly is that the proposals will help mutual funds assess risks.

Read more…

TOPICS: Financial Markets

U.S. Retirement Success Can Aid in EU Pension Modernization

By ICI Viewpoints

November 15, 2010

Understanding the successes of the U.S. retirement savings framework can aid European regulators as they consider reform of pension systems in the European Union, ICI said in a comment letter.

Read more…

TOPICS: Fund RegulationInternational

Kauffman Foundation Paper Makes Accusations That Are Not Plausible

By ICI Viewpoints

November 15, 2010

A November 2010 paper on U.S. capital markets from the Kauffman Foundation shows a fundamental misunderstanding of how exchange-traded funds (ETFs) operate. The authors are respected industry authorities, and they offer some ideas that merit further consideration. But the paper levels several accusations against ETFs that are just not plausible.

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TOPICS: Financial Markets

ICI Research Shows How Funds Have Addressed Changing Mix of Proxy Proposals

By ICI Viewpoints

November 10, 2010

New ICI research on trends in proxy voting by mutual funds finds that the 2007–2009 financial crisis altered the mix of proxy proposals funds voted on. Our economists’ examined more than 10 million fund votes cast during this period. 

Read more…

TOPICS: Fund Governance

12b-1 Proposal Misses the Mark

By ICI Viewpoints

November 5, 2010

Today, ICI filed its comment letter on the Securities and Exchange Commission’s proposal to replace Rule 12b-1. While our letter commends the SEC for addressing some legitimate concerns with Rule 12b-1, we question the proposal’s timing and breadth, calling it far more extensive and intrusive than necessary.

Read more…

TOPICS: Fund Regulation

Companies Should Be Designated as “Systemically Significant” Only in Limited Circumstances

By ICI Viewpoints

November 5, 2010

The newly-created Financial Stability Oversight Council (FSOC) has been tasked with determining which nonbank financial companies are systemically significant and therefore require additional regulatory scrutiny. The FSOC has asked for input regarding the specific criteria and analytical framework it should use in making those designations.

Read more…

TOPICS: Financial MarketsFund Regulation

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