The dirty little secret about the whole Social Security debate

Those in favor of Private Social Security accounts will talk about
creating an Onwership Society and how these accounts will belong to the individual and can be passed on.

The dirty secret? These accounts are not really under your control! No one is proposing letting you buy any stocks you like, any mutual fund you like, any limited partnership you like.

You know why? Because individual, by and large, make really crappy decision about their investments.

I know several very bright people, with Masters degrees in difficult subjects, who completely understand compounding interest, who have had troubles with credit card debt.

I have friends who think nothing of asking advice about an expensive transaction from people who have a financial interest in the decision.

That is the reality. People do dumb things. They have terrible impulse control. They don't spend the time on the tasks that will really advance their interests because the task is boring. They think people who are nice to them will actually have their interests at heart.

So, remind me again why I would want to get rid of a perfectly good insurance program?