Reply #16: Because it doesn't work

[democracyindanger]

Britain and Chile have partially privitized social security--and they're failures. People, thinking they were investment geniuses, are now screwed as they've reached retirement age. They will be a greater burden, as a whole, on the taxpayers, because welfare programs will need to be funded to help them out. So privatization means when you get screwed by the market, everyone else is going to have to chip in so you don't eat dog food. It's gambling on somebody else's dime.

And do you not remember Enron? The dot com bust? Privatizing social security is just like privatizing national security--too many grubby hands are just waiting for the opportunity to defraud the rest of us, and put us in danger.