September 1, 1985

Funded Social Security

Collective and Private Options
  • Richard Wagner

    Distinguished Senior Fellow, F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics
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The present Social Security program bears some resemblance to an insurance program in that there is some positive, though weak, correlation between the taxes people pay and the benefits they receive. However, Social Security’s vast network of transfers, in conjunction with the absence of any contractual relationship between participants and the government, also gives it many of the characteristics of a welfare program.

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