Social Security: The Galveston Option

If you have heard of the Galveston, Texas alternative to Social Security and wondered what it was about, here’s a very succinct summary from USA Today, written by the man who oversaw its adoption. It begins:

The current debate about reforming Social Security reminds me of the discussions that occurred in Galveston County, Texas, in 1980, when our county workers were offered a different, and better, retirement alternative to Social Security: They reacted with keen interest and some knee-jerk fear of the unknown. But after 24 years, folks here can say unequivocally that when Galveston County pulled out of the Social Security system in 1981, we were on the road to providing our workers with a better deal than Franklin Roosevelt’s New Deal…

24 years ago, I was just leaving college. I probably should have moved to Galveston.Read the entire piece here.

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