In our Social Security debunker of a couple weeks back, we mentioned briefly the so-called Galveston plan, named after a municipal government that opted out of Social Security in favor of a defined-contribution program of private accounts. We pointed out that only the wealthy seem to do better (no surprise there) – it turns out we underestimated how bad a deal it is. Social Security, of course, gives annual cost-of-living adjustments to keep pace with inflation – private accounts like those in Galveston are missing that component, meaning after a few years the Texas plan will start to get smaller and smaller.

Check out Sen. Barbara Boxer’s study, which has lots of nice charts. (Via Think Progress.)