Aggregate ETF turnover in the U.S. exceeds turnover in stocks: in 2008, the average daily turnover of the five largest ETFs was threetimesaslargeas that of the largest stocks, according to NYSE Euronext.
Because the long term returns from real savings and investment are so much higher, saving and investing over a lifetime the 2.9% Medicare payroll tax in the personal accounts would produce an income stream in retirement roughly threetimesaslargeas the uninvested, tax and spend, purely redistributive, pay-as-you-go Medicare payroll tax today.