ould be redistributiveand pay-as-you-go. The supplementary layer would be private and based onindividual contributions. A further question is who bears the risk when investments go sour.There is no such risk under the current system. The stock market lookslike a great retirement vehicle in the 1990’s, but it wasn't so reliablein the 1970s and 1930s. The program was deliberately designed as a socialguarantee of retirement income, not a system of government-mandatedprivate savings....
