A frequent lecturer on the future of Social Security, State Street Boston Corp. chief executive Marshall N. Carter has emerged as one of the most outspoken proponents of privatizing the current system. In a speech to the Boston business community last week, Mr. Carter laid out his arguments for reform, arguing that at least some Social Security funds should be invested privately. The following is excerpted from that speech.

The aging of our population and the approach of the 76-million-strong baby boom generation toward retirement age has dropped the Social Security ratio from 16 active workers supporting one retiree in 1950 to 3-1 today - heading toward a 2-1 ratio early in the next century.

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