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So, Nick, the solution is always going to be: pull more suckers into the Ponzi Scheme. Without that there is no hope! Talk about a bunch of NONSENSE!

That a pretty heavy burden you're putting on Gen-X, especially given the huge numbers of baby-boomers that came before them. Not only will their Social Security tax RATES have to go up by 50%, the likelihood of them having a solvent system to pay them ANYTHING upon retirement is slim-to-none.

The alternative that Bush talked about from the beginning of his administration was a responsible transition plan to private accounts that depend upon a couple of things: allowing workers to actually "own" their retirement account (based on that portion of their social security taxes directed into that account -- only a portion would be allowed); the high probability that their would be better returns for those accounts than Social Security has ever generated or could possibly promise (knowing even that any promise is an empty promise subject to revision by future Congresses); and the need to made some adjustments (retirement age, benefits, COLA) for people still several years away from retirement (to give them a chance to prepare).

There would also be a large transition cost, but at least the future of Social Security could be put on a fiscally sound basis instead of the Ponzi Scheme we currently have.

At least give Bush credit for having the courage to step-up to this huge problem (rational people could see it coming 30-40 years ago). If he gets re-elected, I expect him to make this reform (or some alternative approach) a cornerstone of his second administration. He'll take some heat, but he'll be doing a great thing for future generations.

So, Nick, the solution is always going to be: pull more suckers into the Ponzi Scheme. Without that there is no hope! Talk about a bunch of NONSENSE!

Why are you addressing that to me? I said no such thing.

That a pretty heavy burden you're putting on Gen-X

Nor did I say anything about a burden on Gen-X.

Not only will their Social Security tax RATES have to go up by 50%...

I didn't say that, either. I don't think anyone sane believes that's going to happen. That's just accountants saying what would have to happen if benefits were not reduced. Greenspan was guilty here of speaking Ugly Truth to politicians: it ain't gonna happen. Benefits will be reduced.

the likelihood of them having a solvent system to pay them ANYTHING upon retirement is slim-to-none.

That is not a new finding. I've known that this was going to happen to me for 30 years. Alas, there is a sufficiently large number of economic illiterates running around that a voting majority has continued to believe the "trust fund" nonsense for all my life. It would probably happen to you too, except that those awful Boomers will illustrate the problem very clearly, by having to commit suicide in large numbers in order to prevent something even worse.

private accounts... blah blah blah... at least the future of Social Security could be put on a fiscally sound basis

You didn't understand a word I said, did you? Did you even read it?

Here's what I think happened: I think you read about 5 words, jumped to the conclusion that I am some big fan of Social Security, and proceeded to type your standard-issue rant about Social Security. Now that you have that off your chest, please go back and read what I actually said.