Some are advocating that we totally eliminate Social Security and let them do what they want with their money. That is what was being done before SS and why SS was instituted. Many were not saving for retirement and became a burden upon society. I agree that a system run by the Government is not the best -- it probably should eventually be totally privatized. However, we must continue to have required contributions that are then invested. Otherwise, some will chose to spend the money, planning (or hoping) to start saving sometime in the future -- that time will never come or, if it does, they will miss out on the benefits of compounding.
In an earlier posting, I stated that our lower birth rate was part of the cause of the current problem. Another reason is the repeated broadening of the coverage to include groups that had not previously been contributing -- groups that should have been covered from general revenues as a needy group, not as workers who had contributed to the Fund.
