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.

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