President Bush's plan to privatize
Edward Berkowitz, a history professor at the
He added that only Republican contenders would endorse privatization.
Berkowitz also said that
"Maybe it will be with privatization, but I think it's much more likely they'll do other things - like raise taxes, or raise the retirement age or alter the cost of living adjustment," he said. "Social security will survive but not with out some turbulence."
The money management industry, which privatization critics said would realize a financial windfall from the fees it would make on all the new accounts, remained outside of the debate. Many experts said that many thousands of tiny accounts would, in fact, be a massive headache for the industry.