The Internet will allow people to choose portfolios and constantly revise them to exactly match their preferences about risk and old age and their views about the market. Fourth, the paygo system depends on workers paying a payroll tax. But as more people will work and earn money in cyberspace, the government will lose the ability to tax those earnings. The artificial and so-called intergenerational contract, which incidentally I have never been able to read and do not know who signed for me, will simply collapse as a result of the free decisions of people. Finally, the Web is a great tool to mobilize the grassroots and develop pressure for change.
Every visitor is transformed into a militant for change.
Some people are realizing that. Some time ago I met a high official of the Social Security Administration. He said jokingly, I am mad at you for two reasons. First of all you re taking away my job. I laughed and answered, Well, you are giving me another reason why we should privatize the system.