Regardless of the financing source, the effect of individual accounts would be to raise, at least to some extent, the level of personal saving unless households fully offset the new accounts by reducing their other saving.
Individual accounts would probably reduce personal saving within households.
mnli hypothesis: Individual accounts would probably reduce personal saving within households. premise: Regardless of the financing source, the effect of individual accounts would be to raise, at least to some extent, the level of personal saving unless households fully offset the new accounts by reducing their other saving.