Quote:
Originally posted by cmccuist
Tech, I'm wondering how you feel about privatizing a portion of SS (You've probably addressed this before, but I may have missed it). Can't we all agree that something has to be done since there are fewer workers per SS recipient.
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Thanks for the question, cmccuist. Not sure it's come up before.
I feel that partial privatization of Social Security is a good idea. But only on a 'clean slate' basis.
IMO, since the mid '70s, when SS "surpluses" were first raided to balance the budget, the idea of saving for yourself was corrupted into 'present generation pays for present retiress.' Under that plan, there will be only a handful of actual wage earners for every retiree within some of our lifetimes.
That is a completely untenable situation.
So my feeling is that we need to solve the problem in the medium-term before we completely change how the system works.
BTW, the financial industry is looking at an incredible windfall if/when 'partial privatization' comes about.