"Privatizing Social Security: The Troubling Trade-Offs," by Gary Burtless and Barry Bosworth of the Brookings Institution, argues that most of the "economic advantages of privatization can be obtained in either a public or a private retirement system."

The Social Security system currently collects more in taxes than benefits paid out, with the excess held in the Trust Fund. But this is expected to change in 2014 when the baby boomers and increased longevity of retirees is likely to result in benefits exceeding taxes collected. By 2031, the Trust Fund is expected to be exhausted. Suggestions for reforming Social Security include minor changes to the eligibility requirement or tax rates, allowing part of Social Security contributions to be invested freely, and totally privatizing Social Security.