From today’s Los Angeles Times:
Social Security privatization is not just unlikely to succeed, for various reasons that are subject to discussion. It is mathematically certain to fail. Discussion is pointless.
The usual case against privatization is that (1) millions of inexperienced investors may end up worse off, and (2) stocks don’t necessarily do better than bonds over the long run, as proponents assume. But privatization won’t work for a better reason: It can’t possibly work, even in theory.