MORE ON LIVING AT THE EXPENSE OF OTHERS. On the news-talk shows I listened to Thursday evening, Treasury Secretary and former railroad man John Snow repeatedly noted the $10 trillion unfunded liability that is the Social "Security" "trust fund." That is a wise move. Critics of the private account plan are pointing at the $2 trillion in securitized liability expected to be incurred as transition costs ... presumably some of the money invested will provide economic growth as well as making some dent in the $8 trillion still up in the air.

Econ Log has more references to the private-account discussion, as well as a good discussion question.
How much economic growth would a reasonable person be willing to give up in order to maintain Social Security as it is without privatization?
And Poor and Stupid has addressed Mike Kinsley's original question at length.

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