Social security and privatization: a viable combination?

Abstract

Privatization involves placing Social Security contributions into individual savings accounts. Recent moves to promote the privatization of Social Security in the United States assume that the Social Security system itself is now in crisis, although the evidence suggests otherwise. Nevertheless, there are real concerns about the future viability of Social Security that should be addressed. The public remains supportive of Social Security and all that appears necessary are minor modifications of the Social Security system, rather than its abandonment to the private sector.