The Worst Idea of the Decade

In a crowded contest, the nod goes to Clinton's Social Security investment plan

In his State of the Union address, President Clinton said he wants $2.7 trillion of projected government surpluses set aside for Social Security. That is a good idea. He then wants a quarter of that, about $675 billion, invested in the stock market. That is a bad idea. Indeed, it might just be the worst idea of the decade.

Decisions about investing this huge sum will be given to some neutral body, says Clinton. Fat chance. There is no way federally appointed investors are going to pick and choose stocks without Congress or the White House pressing for choices that please...

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