I agree completely with that - if private accounts fails, the next best alternative is to do nothing. because without private accounts, the only other components of the solution will involve tax increases, removing the income cap on the current 12.4% tax, and means testing. we can't have a republican president and congress sign on to that solution. better to pass nothing now, let the system head towards insolvency.
Exactly.
The Private accounts offer us an ability to slowly transition out of this massive welfare we've become dependant on, and make money to boot.
That is the attraction. That is the only reason to temporarily address solvency. The other solution will cause more pain, but it's to let it's full failure become known when millions lose the retirement funds they counted on 20 years from this point because nothing was done.