The Vanishing Debate Over Social Security's Future
June 20, 2002
Between now and 2075, Social Security's debts will accumulate to more than $25 trillion unless steps are taken to address the problem soon. Yet the public debate necessary to forge a viable plan is absent. In its report last December, the Social Security reform commission sought to launch a year-long national dialogue on the subject. But the issue is being ignored.
Yet the steps to save Social Security have been laid out.
- Personal investment accounts and the benefits of years and years of compound interest will allow younger workers to provide for their own retirement needs.
- Every dollar saved in a personal account represents a dollar that future taxpayers won't have to pay.
- Inexperienced investors won't be at risk, because every serious proposal envisions offering a limited number of broad mutual fund portfolios directed by professional management firms.
- Persons now over 55 will continue to receive their monthly checks and annual cost-of-living adjustments.
There are serious problems ahead and substantive issues to be settled. Reform advocates say we have no choice but to get on with the debate and adopt reasonable and rational changes before it is too late.
Source: Matt Moore (NCPA policy analyst), "Where's the Debate on Social Security?" Washington Times, June 14, 2002.
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