Perhaps the single biggest dereliction of duty between the two major presidential campaigns this year was their refusal to get serious about the crisis looming in Social Security financing. An insightful new study shows why a private-sector or market-driven component should be part of the solution to the oft-ignored problem.

The study is co-authored by veteran economist Dan Mitchell, president of the Center for Freedom and Prosperity, and Robert O’Quinn, former executive director of the Joint Economic Committee of Congress. Released Dec. 13 by the Fraser Institute, the 25-page analysis shows that the United States lags among developed nations in its refusal to include market features as a significant portion of its old-age financial guarantees.