Private Accounts

You can't have it both ways: you cannot allow individuals to take on more risk while retaining the absolute safety net of Social Security.

Current benefits to those in retirement or about to retire will not be cut. But simply adding these unfunded benefits to the deficit would be dangerous; it would increase the yearly deficit to more than 10% of GDP, worse than the deficit in Greece.

With the financial world in an unpredictable crisis, the political debate has shifted sharply to the efficacy of turning government programs over to t...