There have been a number of reports lately of a drive to "privatize" Social Security—essentially, by having the government continue to withhold money from people’s pay, but turning the money over to whomever individual taxpayers designate from a set of government-approved investment managers in the private sector.

Given today’s prevailing political symbolism and iconography, it would be difficult to imagine a more initially attractive prospect.  Instead of continuing to have our retirement money managed by the government (perceived as feckless, irresponsible, and indifferent), why not transfer the task to the private sector (seen as efficient, responsible, and service-oriented)?

In terms of its actual, practical implications, though, the prospect of entrusting our retirement funds to the money managers of Wall Street should give us pause.