Privatizing Social Security
journal contributionposted on 2011-05-01, 00:00 authored by Allan MeltzerAllan Meltzer
Privatization of social security has come a long way. At President Clinton's conference on social security reform, in early December, many participants, representing diverse groups and interests, agreed that some part of social security funds should be invested in private equities — the stock market. What was once radical heresy has become almost conventional wisdom. Even President Clinton agrees, but his agreement is partial and gives the government a louder voice in the private sector.