12/6/2004: Editorial: the Cost of Social Security Reform

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Excerpt: The debate over Social Security has begun with an argument that highlights the difference between idealized visions of reform and the imperfect real world. The argument concerns the transition costs associated with partial privatization. The administration and its allies say that these costs should not be counted; critics regard this as accounting trickery worthy of Enron. In theory, the administration has the better argument. In the real world, however, the critics may be right.

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