Privatizing Social Security would create an enormous financial bonanza. So guess who's spending millions to change public perceptions and national policy.
Robert DreyfussDec 19, 2001
Not long ago, the Wall Street Journal called
privatizing Social Security "the biggest bonanza in the history of the
mutual fund industry." No wonder: By diverting 2 percent of payroll from
Social Security into private accounts, the government could shunt $60 billion a
year into the coffers of investment firms, banks, and insurance companies. And
some advocates of privatization, such as the libertarian Cato Institute, want to
replace Social Security entirely with individual, IRA-like accounts that would
end the government's role once and for all in providing for the security of
retirees.
