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The Not So Dire Crisis We Call Social Security
With all the talk as of late concerning Social Security, I would like to try to set some things straight.
First, President Bush has been under fire from Democrats and other critics who insist that while Social Security faces fiscal woes, the scope of the problem doesn't reach the "crisis" level described by administration officials. They insist the system's long-term financial commitments could be met by a combination of payroll tax increases and benefit cuts. Simply put, were not all going to die because social security is experiencing several weaknesses. It’s a natural fluctuation.
Second, with the first of the Baby Boomer generation set to begin retiring within a decade, Social Security “outlays” are expected to begin exceeding revenues by 2018. And the program's trustees estimate that with no changes, the plan would no longer be able to pay full benefits beginning in 2042. I see no problem here, yet let me explain. Is there a problem with letting hard working individuals invest in private accounts? Albeit an immediate problem as to how to “save” Social Security in the present, let us not be foolish. In several years my generation will need to start investing, and saving money for a retirement many years down the road. The earlier the better they say. Simply put, there is a much higher rate of return from private accounts (401 k’s) etc. than there ever could be with what the government dispenses. Not to mention, it is thought that in 40+ years there will only be two workers to every one retired worker. There in essence isn’t enough money in the federal system to sustain that significant of a load. Private accounts are looking better every day.
Finally, and perhaps most importantly, one must remember that although Social Security is an absolutely great institution and something that makes America strong; it is in my opinion a way for the Left to maintain or hold on to votes, which in turn lead to increased power. The whole idea behind Social Security is to provide Social Security not governmental dependence. I loath the methods in which liberals think Social Security should be operated under. It wasn’t established to create dependence on the person receiving. We, as Humans cannot be dependent upon the government, I suppose this is where many disagree with me, yet I do find it true. Power in the hand of the individual isn’t always a bad thing. I don’t appreciate the way Liberals undermine the public into making them think they “necessitate” the government. Simply put, yet not so simply understood at times, America needs to utilize more private funds to bolster social security, and put the efficacy back into the hands of the constituent.
--John Scherer
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