That was the gist of his Social Security plan as described last night. He says that people over 55 will keep the old plan, but younger people will be covered under the new plan. I guess he's trying to get the AARP off his back. I'll be very disappointed in the AARP if they change their stance--shouldn't they stand up for retirees of the future as well as their current members?
There was an article in the Wall Street Journal today about how privatization has worked elsewhere. In short, it hasn't. I already knew about a couple of them. Argentina's privatized system eventually led to the country's economic collapse in December 2001. Britain privatized under Margaret Thatcher, and now they are looking to change again... to make their system like our current system (I don't know if that last fact was in the WSJ article). Add Bolivia to the list as well. Since the WSJ charges for access, here are some highlights at Think Progress, a new blog from the Center for American Progress.