If you are new to this subject, it might strike you as odd that “privatizing” something would require the accumulation of an additional $1 trillion in debt. (See: Bush Seeks $1 Trillion Debt Boost). The advocates of Social Security privatization (I’ll stop putting the word in quotes) haven’t exactly been forthcoming about the “transition costs” (couldn’t resist those quotes) associated with creating “individual accounts” (or those quotes) which really amount to another layer of forced saving (no quotes) to pile on top of the old layer, with a promise that it will save us all money in the long run (they always say that).
If none of this makes any sense—and why should it?—you can slog your way through the details on Mises.org. Or you can just rightly assume that SocSec Privatization is just another Beltway racket and forget the rest.
