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Multimedia 

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Cato Podcast • June 16, 2026 

# The Retirement System That Works Against You 

Social Security crowds out private savings, the tax code penalizes investment, and Trump accounts can leave families worse off than a plain brokerage account. Cato’s Romina Boccia and Adam Michel break down what’s wrong with Trump accounts and why universal savings accounts are the fix.

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

[![Romina-Boccia-cropped2.jpg](/sites/cato.org/files/styles/author_picture/public/2022-09/Romina-Boccia-cropped2.jpg?itok=7drYb2ok)](/people/romina-boccia) 

##### [Romina Boccia](/people/romina-boccia)

Director of Budget and Entitlement Policy, Cato Institute

[ 

](https://x.com/RominaBoccia) 

[![Adam N. Michel cropped](/sites/cato.org/files/styles/author_picture/public/2023-02/adam-michel-cropped.jpg?itok=2xIg84-_)](/people/adam-n-michel) 

##### [Adam N. Michel](/people/adam-n-michel)

Director of Tax Policy Studies, Cato Institute; Former Deputy Staff Director at the US Congress Joint Economic Committee

[ 

](https://x.com/adamnmichel)