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This Article analyzes the impact of privatization on the existing Social Security program. Part I describes the structure and status of the current Social Security program Part II describes the principal elements of Social Security reform proposals. Part III critiques the private retirement system and its reliance on individual accounts as primary retirement savings vehicles, and demonstrates why this model is inappropriate as a replacement for the existing Social Security program. Part IV explores the impact of privatization on the public welfare function of Social Security and examines some of the weaknesses in many of the privatization proposals. The Article concludes that privatization is a questionable solution for the Social Security debate. Therefore, as policymakers take steps toward implementing a privatized system, they should be mindful of the primary objectives of the existing Social Security program and the relationship of these goals to present societal conditions.



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