But the stock market does not guarantee returns; it does not even guarantee that the stock values will keep up with inflation – and there have been periods in which they have not. America’s Social Security system insulates individuals against the vagaries of the market and inflation, providing a form of insurance that the private market does not offer.
但是股票市场并不能保证这种回报，甚至不能保证股票价值跟上通货膨胀——也确实曾有过这样的时期。但是美国的社会保障体系却能提供一种私有化无法提供的保险形式，保证个人不受市场和通货膨胀各种风险的影响。