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One big knock on private costs is the enormous cost of administering a lot of small acounts(unless you are a brokarage that is on the recieving end of those costs) a better choice if this path is taken is to have one large account ala the big state pension systems.
The other knock of course is the tremendous transition cost which will measureable increase the already exhorbitant national debt(unless the gub'mint reneges on it's promises of the last 80yrs) either course will very likely panic investors is US notes.
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