Reason.com - Free Minds and Free Markets
Reason logo Reason logo
  • Latest
  • Magazine
    • Current Issue
    • Archives
    • Subscribe
    • Crossword
  • Video
  • Podcasts
    • All Shows
    • The Reason Roundtable
    • The Reason Interview With Nick Gillespie
    • The Soho Forum Debates
    • Just Asking Questions
    • The Best of Reason Magazine
    • Why We Can't Have Nice Things
  • Volokh
  • Newsletters
  • Donate
    • Donate Online
    • Donate Crypto
    • Ways To Give To Reason Foundation
    • Torchbearer Society
    • Planned Giving
  • Subscribe
    • Reason Plus Subscription
    • Print Subscription
    • Gift Subscriptions
    • Subscriber Support

Login Form

Create new account
Forgot password

Must… Resist… Urge… to… Fisk

Julian Sanchez | 12.20.2004 4:37 AM

Share on FacebookShare on XShare on RedditShare by emailPrint friendly versionCopy page URL
Media Contact & Reprint Requests

Now that partial privatization of Social Security is actuually looking like a genuine political possibility, there's been lots of thoughtful criticism of the various proposals floating around. And then there's stuff like this Bob Kuttner piece, which kicks off in the first paragraph by reminding us that:

Without Social Security, a third of America's seniors would be destitute.

Because it's incredibly useful to look at seniors whose wages have been diverted into the system their entire working lives, curtailing their ability to save, and then consider what would happen ceteris paribus if their checks stopped coming tomorrow. Followed shortly by…

With private accounts, you're in big trouble if you happen to reach retirement age when the market is down

and decide, for mysterious reasons, that it'd be a great idea to liquidate all your investments at the bottom of a market slump….

But with individual accounts, there's little redistribution except for a very meager minimum benefit, and hence more poverty in old age.

Because, as we know, redistribution is the only way people can increase their wealth. But this is where I stop reading, because I'm too young for high blood pressure.

Start your day with Reason. Get a daily brief of the most important stories and trends every weekday morning when you subscribe to Reason Roundup.

This field is for validation purposes and should be left unchanged.

NEXT: A Proper British Nanny

Julian Sanchez is a contributing editor at Reason.

Share on FacebookShare on XShare on RedditShare by emailPrint friendly versionCopy page URL
Media Contact & Reprint Requests

Show Comments (43)

Latest

Desi Arnaz's Revolution Was Televised

Steven Kurtz | 9.14.2025 6:00 AM

Florida Applies for Federal Reimbursement for 'Alligator Alcatraz' Costs Despite Court Warning

C.J. Ciaramella | 9.13.2025 7:00 AM

This Protein Powder Is Made Out of Air and Uses 600 Times Less Water Than Beef

Jeff Luse | From the October 2025 issue

FBI Blunders and Internet Panic: How the Search for Charlie Kirk's Killer Went Off the Rails

Matthew Petti | 9.12.2025 5:14 PM

The Standard for 'Vicious' Speech Trump Laid Out After Kirk's Murder Would Implicate Trump Himself

Jacob Sullum | 9.12.2025 3:45 PM

Recommended

  • About
  • Browse Topics
  • Events
  • Staff
  • Jobs
  • Donate
  • Advertise
  • Subscribe
  • Contact
  • Media
  • Shop
  • Amazon
Reason Facebook@reason on XReason InstagramReason TikTokReason YoutubeApple PodcastsReason on FlipboardReason RSS

© 2025 Reason Foundation | Accessibility | Privacy Policy | Terms Of Use

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Take Reason's short survey for a chance to win $300
Take Reason's short survey for a chance to win $300
Take Reason's short survey for a chance to win $300