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January 22, 2006


Well, the only thing really stopping younger workers would be means. But--as is my understanding--a number of public finance economists feel this is exactly the segment of the population that needs the annuitization feature of the Social Security program the most. (I guess I should say "annuitization" feature, since there's no actual lump sum being annuitized.)

I think this privatization idea is a really bad one. It would require massive borrowing to make up for the payroll taxes diverted into the personal accounts. Social Security should not be a risky scheme; it's supposed to be an insurance program and a guaranteed income for seniors and the disabled.

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