Reinventing Social Security (continued)
Since my friend Bob accused me of putting politics before principals, I’ll go back to the practical side of the equation.
A big issue with "privatizing" social security, and one I’ve mentioned a couple times already, is what happens to the people who invest the money foolishly and end up with nothing, particularly since half of the money was contributed by their employers. That sounds like a really bad scenario to me.
Well, I am not alone in worrying about that. My friend Gordon Gould has an excellent post on this exact topic.
Gordon doesn’t have any easy answers, probably because there aren’t any, but he outlines the issue really well.