A CRITIQUE OF THE CASE FOR PRIVATIZING SOCIAL-SECURITY

This article presents and then critiques arguments made by those advoc ating the privatization of Social Security. It refutes the argument th at baby boomers will find themselves without Social Security pensions unless fundamental changes are made. It questions the claims that priv atization would increase economic growth, reduce the federal deficit, make the nation more competitive in the global economy, protect worker s against payroll tax increases, protect boomers against pension benef it cuts, and increase confidence in Social Security. It argues that fo r low-wage workers, returns on contributions would probably decrease a nd future benefits would become politically more vulnerable.