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Milton Friedman published by the Cato Institute
July 27, 2001
"[G]iven a proper understanding of Social Security's current unfunded liabilities ... there are no real transition costs to privatizing Social Security, merely the explicit recognition of current implicit debt. A privatized Social Security system should not be mandatory. The fraction of a person's income that it is reasonable for him or her to set aside for retirement depends on that person's circumstances and values."
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