Posted on 02/16/2024 10:05:40 AM PST by SeekAndFind
America’s declining Social Security program will be a contentious topic of debate for presidential candidates this year. Former president Donald Trump advocates leaving the program alone and has criticized Nikki Haley’s proposal to save the program by raising the retirement age. Similarly, President Biden has vehemently opposed any solutions that involve tampering with the program’s current structure.
Despite all this political posturing, Social Security is going broke fast as Americans are saving less for retirement than ever before. Half of all Baby Boomers in the U.S. have no personal retirement savings. Endless promises from both Republican and Democratic administrations over the last twenty years have been unable to reverse the system’s decline. Most objective estimates now suggest the program will likely be insolvent by the 2030s.
This is a raw deal for my generation. Studies from 2020 show only 38% of Zoomers believe they will benefit from Social Security. It seems to me that older generations want to borrow against ours and our children’s futures, while offering us no guarantee of ever seeing a penny from the system our money sustains. There’s a better way to ensure the long-term maintenance of the social security system, and it starts with privatization.
Though American policymakers balk at the word, especially within the context of Social Security, other nations that have successfully privatized retirement savings accounts could provide a model for how we might avert the imminent bankruptcy of our current system. For a clear picture of how such a scheme could operate, policymakers should look to Australia.
The Australian retirement system, better known as the “Superannuation Guarantee,” relies primarily on personal retirement accounts and employer contributions for funding.
(Excerpt) Read more at americanthinker.com ...
In theory it can, but with most life situations ending in LTC, they get sucked up in the first 6 months.
But if you privatize it, you’ll have a lot less desperation and a lot less control for the politicians and bureaurats, an who wants that?
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