The idea of using part of the money for personal investment accounts was a good idea. As always, the dems said NO. Let them deal with the problem.
It depends on how it is fixed. The system is unsustainable as now structured. Something must be done by 2017. The Dems will want to raise taxes, increase the retirement age, and reduce benefits by changing the COLA formula. We need to change the paradigm for this system, which has an unfunded liability of $12.8 trillion.
In 1950, there were 16 workers paying Social Security taxes for every retired person receiving benefits. Today there are 3.3. By 2030, there will be only 2. By 2030, there will be 70 million Americans of retirement age--twice as many as today. Nearly 80% of Americans pay more in Social Security taxes than they do in federal income tax.
We are headed for a train wreck. PAs are the only way to go to eliminate the future unfunded liability. The UK and Chile have already privatized or partially privatized there government pension schemes.