Critics of course speak of the market risk of a fluctuating stock market. It's worth noting, therefore, that for all 30 year periods in the United States dating back from 1802 until the present, stocks have outperformed bonds 99.5 percent of the time. And overlooked in the discussion of market risk is what seems to me to be the much greater political risk of increased taxes, delayed retirement, and reduced benefits. With a private system, the citizen controls the assets. With a public system, the politicians are in control, and I know of no country where that is not a risk.
Edward H. Crane Apr. 15, 1998 - from the collection Vital Speeches of the Day, published by the Cato Institute