On the recordMay 14, 2002
We have a lot to do, if at least my analysis and others of the Social Security benefit cuts that are implied by the privatization process are implemented, for women, obviously, but Americans broadly and, quite frankly, a number of children because Social Security is a program for disability, spouses, and children survivors as well. I was interested to hear the Senator talk about transaction costs and privatization. I remember recently we had a presentation by a Member of Congress at one of our briefings on Social Security. Did I recall hearing that there is a privatization scheme in Britain where 40 percent of the dollars that are allocated for savings in this privatized account go to transaction costs?
Source
govinfo.gov
