From the archives of the Social Security debate...

Back in 1998, Timothy Cogley at the San Francisco Fed described a transition to a fully funded system. When I have time, I might compare and contrast this with the President's plan or with my ideal plan. In this short "weekly letter" format, Cogley leaves out some of the details, but he does indicate that equities would be part of the system. Something along these lines could be workable, even though there are still a lot of blanks to fill in. More on this later. In the meantime, study your (recent) history.