It is laughable that all the Democratic candidates are swearing to “protect Social Security” and are demonizing the Republican candidates who are going to “privatize” it. Unfortunately the GOP candidates are scared spitless of this tactic and are running as fast as they can away from the issue.
What are the Democrats protecting? Social Security will take in more than it pays out for another 10 or 12 years. It then starts to go into the red. By 2030 it will take $300 billion per year of tax increases or program cuts to pay its bills. To understand that amount, the entire yearly military budget is around $400 billion per year. There is no Social Security trust fund, just a bunch of IOUs. $300 billion per year is not realistic. Ask the Dems just exactly what their plan is. You will find that it will be tax increases, and/or benefit cuts. Benefit cuts could mean working longer, (you’ll love your job when you are 70) or means testing.
The answer is (gasp) private accounts that would replace Social Security, a government mandated, lightly regulated, privately owned 401(k). Would you like a fund for your entire working life that your employer matches 100 percent? It could be invested entirely in safe certificates of deposit if you like.
The Dems want to “protect” you from that. This only works for young people, so the proposal was to be voluntary, and only for people under an age to be determined. People near retirement with a short time to save and those already retired would get what was promised, but attrition would gradually solve the problem.
Bill McColl
Everett
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