Wednesday, August 25, 2010

Social Security

A letter to the editor in the Review Journal stated that
I want to quote directly from the front page a statement by Michael J. Astrue, the commissioner of the Social Security Administration:

"Social Security is a compact between generations. Since 1935, America has kept the promise of security for its workers and their families. Now, however, the Social Security system is facing serious financial problems, and action is needed soon to make sure the system will be sound when today's younger workers are ready for retirement. In 2016 we will begin paying more in benefits than we collect in taxes. Without changes, by 2037 the Social Security Trust Fund will be exhausted."

Senate Majority Leader Harry Reid has been in a position to "fix" Social Security for how long now? How much longer does he need? All he can do is mock, twist and bend any solutions offered by his opponent.

In my opinion, we should replace Social Security with a 401k type account for individuals. Let everyone over 30 or 35 decide if they want to continue with Social Security. Anyone younger is out automatically. They would use the 401k account.

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