> It's a major scandal and definitely not being talked enough about.

You mean pension savings accounts? You're right these are major scandals not being talked enough about.

And it's only just a tiny less bad than how the system works in socialist europe: in socialist europe the various states' public debt is the pension "savings". Those mandatory contribution have been long spent already by the states with the IOU promise that, once you'll retire, the state shall keep paying you a monthly pension. It's totally unsustainable.

It's nearly as if thieves voted, worldwide, a system allowing them to part their taxpayers from their hard-earned money.

Pension funds, private or public, are the scandal.

You have to be more specific when talking about "socialist europe". The Netherlands, for example, has the best-managed pension system in the world. Despite what many people believe, "Europe" isn't one country and it doesn't have a single healthcare system, pension system, or anything else related to the welfare state.

US social security on the other hand is exactly as you describe pension systems in "socialist europe". Money taken from current workers and invested in state debt.

https://www.mercer.com/en-au/about/newsroom/mercer-cfa-insti...

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