Finally, a voice of reason. A director at the SIA has published a report laying out just why a reformed Social Security system under Bush will not generate windfalls for money managers.

Why? The answer is simple. The system will be huge, likely managed by a central administrator, and thus benefit from economies of scale. The system will likely resemble the Federal Thrift Savings Plan and, unfortunately, offer investments options with similarly low management fees, says Rob Mills, a vice president and director of research at the trade organization. 

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