We've already tried private accounts! The 401(k) experience shows that individual account holders often make unwise decisions and are at the mercy of financial markets.(A Special Report On Saving Social Security)
American Prospect, The, February, 2005 by Munnell, Alicia H.
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PRESIDENT BUSH WANTS TO "PRIVATIZE" a portion of the Social Security program. As part of that debate, we should remember that our experience with 401(k) plans provides some evidence about how well such a program might work. The results to date are not encouraging and should serve as a blinking yellow light.
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401(k) plans, which are tax-favored savings accounts, emerged in the 1980s as supplements to traditional employer-defined benefit pensions, where benefits are based on years of service and final salary. Individual 401(k) accounts, funded with employer and employee ...
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