Social security privatization holds the promise of higher returnsand 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.
Privatization Of Public-Sector Pensions
The U.S. Navy Pension Fund, 1800-1842
By Robert Clark, Lee A. Craig, Jack Wilson
This
article
appeared in
the Spring 1999 issue of The Independent Review.
Entitlements and WelfareGovernment and PoliticsGovernment Waste/PorkPrivatizationRegulationSocial SecurityTaxes and Budget
Other Independent Review articles by Lee A. Craig | |
Fall 2019 | The High Cost of Good Intentions:A History of U.S. Federal Entitlement Programs |