06 Dec 2004 Social Security Private Accounts: Creating a Better, Fairer Retirement System
Cato Institute President Ed Crane succinctly explains why Social Security must be modernized.
Buried within this essay is this critical core point: “The goal of Social Security reform should be to provide workers with the best possible retirement option, not simply to preserve the current system. If solvency were the only goal, that could be accomplished by raising taxes or cutting benefits, though this would be a bad deal for younger workers.”
It goes on: “A successful Social Security reform will result in a solvent, sustainable system. It will improve Social Security’s rate of return, provide better retirement benefits, and treat women, minorities, and low-income workers more fairly.”
The more you read about Social Security private accounts, the angrier you will become… that America didn’t do this years ago.
Unless you already are an expert on Social Security private retirement accounts, I suggest you read the whole thing.
Unless you are dying, this debate will affect your life.