In a bid to avoid the inevitable moral hazard of privatizing Social Security the U.S. government will most likely turn the U.S. into a managed economy where corporate success will be more about pleasing Congress than succeeding in the market. My, but aren't I cheery?
[6/20/2005 – The Christian Science Monitor had an interesting editorial that gives a real world example of how special interest groups are currently gaming the government's internal pension system in exactly the manner I describe below.]