I’ve believed for years that social security needs to be privatized. Keep those 55 and up on the old system as they phase it out, and start the younger ones out with private accounts. The younger ones will be far better off and get a lot more in the long run.
“I’ve believed for years that social security needs to be privatized.”
I remember when W fought hard for this. He fought for what seemed like a week right after the 2004 campaign. Then he went into hiding only to come out an threaten his base with amnesty when his poll numbers dipped below 40%.
There are a few reasons why liberals will never sign off on the privatization of social security ... I’m sure you know them :
1> They won’t be able to spend that money.
2> It would validate capitalism.
3> People would be more secure financially (i.e. less likely to vote Democratic).
4> People would pay more attention to the overall health of the economy and see that socialism has an overall negative impact on the economy at large (i.e. less likely to vote Democratic).
5> People would be free to choose where their investments are made (i.e. no way for FedGov scum to steer money to friends as payback). Liberals view choice as “freedom to abort lives”. Everything else is up to them.
If people were ‘forced’ to invest 12-14% of income (i.e. what you and your employer pay into SS) and not allowed to touch it until age 65, a substantial number of people would be financially secure upon retirement. You wouldn’t even have to increase retirement age much per say. Compounding interest is a powerful force in the universe :-).
However, again, for the reasons cited, FedGov scum aren’t too into freedom. It won’t happen.
Remember President George W. Bush wanted to give the people the choice to voluntarily get social security. He was ridiculed by the left and by some on the right.
He advocated offering just 10% of the Social Security account to be privatized and let the future recipients invest and manage it themselves. It would have been voluntary not mandated.
You have thought he wanted to kill the entire SS program according to the democRATS faked outrage at the time (around 2011 I think).