We must make a decision, but there is no hurry. Both programs have their advantages. Private accounts could pay off big, but they could also fail big, not just on the individual level, but on the national level as well. Social Security does not offer the same spectacular possibilities, but for as long as it will last it is safe. Social Security will eventually fail, but the current alternative is fraught with difficulties and risks. Perhaps a pooled investment system, which is above all else conservative, and will still provide enough to keep the elderly at or above poverty, could be a more workable solution.

Whatever we choose to do, the solution will take decades to implement, so we will need it in the next decade or so. This problem is very simple, but any solution to it is very complicated. Let us hope that the decision makers are well educated in the matter, and have the fortitude to put aside their differences in order to solve it.