Sass, Steven A. “Social security and equities”. Issue in Brief 13-16, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, November 2013. http://hdl.handle.net/2345/bc-ir:103840.
The brief's key findings are: (1) Some have advocated investing Social Security trust fund assets in equities. (2) A similar proposal adopted by the railroads in 2001 suggests two key hurdles: political risk and financial risk. (3) For political risk, the railroads created an independent trust; a better fit for Social Security might be to limit investments to index funds. (4) For financial risk, the railroads set up an automatic mechanism to respond to shocks; Social Security would need a similar mechanism.