We need to create individually owned accounts within Social Security to create a pre funded, sustainable system of retirement security.
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The problem with this is "Where are you going to get $10 Trillion by the end of 1999?" Why would I even want to let Social Security handle my money when they have done such a poor job in the past? Why not just let me out and let Social Social Security keep my employer/employee contributions of just over $89,000 without interest and let me keep any future employer and employee payments? What is wrong with this?
Or we could tax everyone over 65 on average $137,000 each and let those under 65 out? You see if revenues were to cease today, we would need just about $3.7 Trillion by the end of 1999 just to pay those over 65 today their OASI (welfare) benefits.
This is similar to buying property. A person evaluates the property and makes an offer. Who in their right mind would contemplate buying a burned out house on a contaminated property? No one. Why would those under 45 even consider paying to save Social Security?
The interesting fact is there are 114 million people between 18 and 45 in this country. there are about 47 million between 45 and 62 and about 37 million over 62. Why is social security still here?
