on Social Security. He makes two arguments. First, allowing personal accounts will create a moral hazard; taxpayers will end up bailing out individuals who make foolish investments. Second, investments will be restricted for p.c. reasons. The first risk is a real one, which is why most personal-account plans keep a guaranteed floor of benefits. The second risk I’m less concerned about (which is not to say that I’m totally unconcerned). Some restrictions are reasonable because of the first risk Sturm mentions. I suspect that the constituency for getting the highest risk-adjusted return possible will tend over time to reduce unnecessary restrictions.