| | Bruce Zagaris, UN Tax Agenda Paper, July 2001 (Site not responding. Last check: 2007-10-31) |
 | | If a pension system will supplement national saving, it must be a funded rather than a payasyougo system. |
 | | A funded system is one in which contributions of today's workers are set aside for their own retirement, as contradistinguished from a payasyougo system in which the contributions are transferred to today's retirees. |
 | | The result of a funded pension system will be a higher national savings rate, as the current generation of workers must save to build up the assets that will pay their future pensions, while still paying taxes to fund the pensions of the workers already retired when the scheme is introduced. |
| www.freedomandprosperity.org /Papers/zagaris-un/zagaris-un.shtml (3917 words) |