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For a fully-funded social security system, either it does not bind and does not make any difference, or it binds and people are worse off.

"For a fully-funded social security system, either it does not bind and does not make any difference, or it binds and people are worse off." Explain what this sentence means with a graph (Explain what a fully-funded social security system is, and then explain how people's consumption decisions are affected)

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