No. of Recommendations: 7
allocatorx writes,

In today's Investor's Business Daily there was an editorial on this topic entitled "Real Reform or Political Cover?" The last paragraph reads, in part:

"But then, infants-which too many Americans have become under a nanny government-are nearly impossible to wean away from their bottles unless parents offer support."

In my opinion, real reform of social security is absolutely necessary. I believe that, ultimately, this social program should be fully privatized. Saving for retirement should be a personal responsibility, not a government responsibility.

Besides, as intercst mentioned in an earlier post, millionaire status should be achieveable by most people who fully fund a 401 (K) and an IRA.

I can't speak for anyone else, but I sure would prefer being a millionaire to being a ward of the state when I retire.

The only trouble with privatizing social security is that current benefits are paid from the FICA the gov't collects today. There's really no vested social security assets to draw on. To preserve current benefits for Social Security recipients, you'd still have to collect FICA at about the same rate PLUS whatever contributions you want to put in the privatized system. In effect, current workers would be paying twice.

Any volunteers?

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