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Volume 3  Number 4  •  Spring 1999
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Privatization Of Public-Sector Pensions: The U.S. Navy Pension Fund, 1800-1842
By Robert Clark, Lee Craig, Jack Wilson
This article appeared in the Spring 1999 issue of The Independent Review

Social security privatization holds the promise of higher returns—and commensurably higher risk. But if the history of the naval pension fund is any indication, Congress may succumb to the urge to shift that risk to taxpayers rather than keep risk linked to return.