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Social Security Privatization: The Mother of All Unfunded Mandates
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Christian Weller,
Center for American Progress,
4/1/2005
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Typically, the vast majority of such programs are the purview of state and local governments. Since the federal government is not budgeting for these costs, privatization could result in a massive unfunded mandate on state and local governments.
Moreover, it will be hard for state and local governments to plan for the increased costs. Future benefits would depend on the stock market, which can fluctuate widely, leaving entire generations of retirees with too little retirement income. As a consequence, state and local spending on social programs would be highly unpredictable, disrupting longterm outlays for roads, schools and other infrastructure projects.
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Link to Report (PDF)
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Pages: 10
Price: Free
Ordering Information:
Center for American Progress
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