December 21, 2004
Social Security: I don't get it
What I don't get is why there's all this fuss about privatization. I mean, no one really believes that Social Security, as it is currently funded and administrated, can last for more than a decade, two at best. Or, at least, no one is suggesting that things are fine. So when Bush offers up some kind of solution, why is the Left's response "No, we have to keep things the way they are"? This is really mystifying to me. Something needs to be done, and the Left has no ideas at all about what to do about this. Except, when pressed, tax increases. Which never work anyway.
I'd say that the number one thing to do, privatization aside, would be to stop using Social Security revenues to fund other projects. I mean, seriously: if we don't have enough money for Social Security, it might be a good idea to use Social Security taxes to pay Social Security benefits, don't you think? Second, switch to something like private investment accounts instead of the massive Ponzi scheme that we've got at the moment. Third, kick up the retirement age to 70 or 75, instead of the current cutoff, which assumes an average life expectency of around 65.
Some or all of these things are going to need to happen, or Social Security will default. That would probably not cause the entire world to come to a screeching halt, though we might not be able to tell the difference what with all the yelling that would go on.
