YOYO economics
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YOYO (You're On Your Own) economics is a term coined by Jared Bernstein in 2006. The term refers to economic policies in which a government shifts responsibility for economic challenges on to individuals. Such challenges in the United States, for example, include managing globalization, maintaining Social Security, and lessening inequality of financial outcomes. Thus, the government has a lessened role in the individual lives of its citizens. Such policies are associated with the Ronald Reagan and George W. Bush administrations.[1]
Social Security
In the case of Social Security in the US, it is considered a YOYO policy to privatize Social Security. Under this policy, individuals would hold a private account invested in the stock market from which to draw a pension in later years.[1]
See also
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