This is the first post on this blog. I intend to post occasional information and opinion regarding the need to reform Social Security and, in particular, the need to add personal retirement accounts to the mix. Social Security was a wonderful program when it was established during the 1930's. It did exactly what President Roosevelt intended it to do. It kept senior citizens from (1) falling into abject poverty and (2) kept them out of the work force so that younger folks could find work. Even so, it did not solve the fiscal crisis in the country at that time - the Depression. Only the Second World War solved those problems.
Subsequent changes to Social Security have made it financially unsound and impossible to sustain. There are any number of proposals offered to solve the financial problem. Most of them involve taking even move money from the pockets of workers and transferring it to people of retirement age (of which I am one). Why should I object to that you may ask? The reason is simple equity and common sense. Equity demands that we not make unreasonable burdenson demands on the younger worker and common sense tells us that at some point, the golden goose will rebel.
Let's think outside the box and try to come up with solutions to address this problem.
1 comment:
I am pleased to see that others (particularly you, Terri) share my views on privatizing social security.
Honestly, I have not focused on the details of such a plan. However, as one who believes that if you own it, you become alot more knowledgeable, if citizens "owned" and managed their social security accounts, they would quickly learn how best to manage their money through the normal educational channels.
Parameters would need to be set, of course.
Thanks, Terri, for opening this subject up for discussion in this blog setting.
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