Imagine someone standing on the deck of the Titanic as it begins to sink. Looking down into the lifeboat, the person begins to complain: “The boat’s too small; its paint is peeling; it will take too long to get to New York.” That is the position taken by many critics of Social Security choice, the option of allowing workers to privately invest a portion of their Social Security taxes. The critics are all too happy to discuss what they think are the failings of various privatization proposals, leaving no nit unpicked. But far less has been discussed about what they would propose as alternatives to privatization.
