Privatized Social Security System Cited By GOP Candidates Works For The Rich, But Is ‘Very Bad’ For Everyone Else: pDuring Monday night’s GOP presidential primary debate, several the candidates called for privatizing Social Security, with former corporate CEO Herman Cain pointing to a system of privatized accounts for government employees that was implemented by Galveston, Texas. “In 1981, the Galveston County employees, they opted out because that was a very short window of opportunity. [...]/p