Someone has to say it (Robert Samuelson, WashPost) if the privatizers will not:
“Let’s suppose Congress approves President Bush’s ‘personal accounts’ for Social Security. The Social Security system would then become the largest single investor in U.S. stocks. By 2050 Social Security could hold 25 percent of all stocks, estimate economists at Goldman Sachs. This estimate reflects a modest plan for personal accounts; other proposals would permit bigger stock purchases. Hardly anyone has thought about the economic consequences of concentrating so much stock in the Social Security system. My hunch is that it would turn out to be a huge mistake — or worse.”
