Privatizing Social Security

In an article titled Privatizing Social Security Thomas Sowell brings up some good arguments for privatizing . He says that when you have a contract with a private insurance company they can't change the rules they have to pay you what they said they would when they said they would, unlike the govt. who can change the rules any time they want without consulting the people who have invested the money.


Nick said...

I think that this is a very good point but I think that there has to be some drastic changes in social security for it to work. I don't think there is a good way to change it. I think we should get rid of social security and leave it to the private sector.

Dr. Tufte said...

I think this is a good point, and Landsburg actually brings it up early in Fair Play. Changing the rules of the game in the middle is wrong. That doesn't come up enough in policy debates.