Call to privatize Social Security a mistake, says labor law expert
President George W. Bush’s recent push for the establishment of an ownership society features partial privatization of Social Security by diverting a portion of the payroll tax into individual accounts. “Privatizing Social Security is a dangerous idea,” says Merton Bernstein, a nationally recognized expert on Social Security. “Despite widespread criticism and misunderstanding, Social Security is in good shape for the future and its funding can be made solid by modest measures. In contrast, privatization would cost $3.75 trillion.”