The New York Times > Opinion > Op-Ed Contributor: Choose and Lose
This is the best explanation of the reasons why the kind of Social Security reform that President Bush seems to favor is not a good idea. Barry Schwartz explains why choice is often not an incentive for action. Also he points out that the costs of administering a system of private investments accounts are from 10 to 30 times higher than the present. Social Security, and this is Bush's great equivocation, is not an investment system but an insurance, aimed at equalizing risks and rewards for all. That is the main reason why Republicans hate it so much: a Government-run system that works well.
The Beginning of the End.
12 years ago
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