Subject: Historical Necessity Need Not Be Our Destiny
Social Security was not begun as a fully funded system because of historical and political reasons, not because it is an economically preferable system. Historically, it started from scratch in 1937, so there was no capital in place to produce a stream of income for the current elderly. Politically, while population continued to boom during the baby boom years, it was easy for current politicians to promise more benefits to the elderly, because it did not require large tax increases that would have been objectionable to individuals. There were political benefits (helping the "needy elderly") and few downsides (well it's for a good cause, and it's only a little money).
Let's do the right thing now. Let's put our country on the right track for future growth and prosperity for all. Let's create a fully funded system that allows all to be a part of the American Dream.
