>> Though I will continue to argue for a fair distribution of the burden of reform <<
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Your concerns and your thoughts are genuine. However, this country was built not with an attitude of sacrifice, but with an attitude of "can do." The fundamental problem with the current system is that it is two things: 1) a payroll tax and 2) a welfare program.
As long as there were many taxpayers compared with the number of retirees, the costs were spread out. That is changing. We now have only about 3 workers supporting each retiree.
The current system means we arrive at old age, after supporting our grandparents, with nothing to show for it except a ticket that entitles us to wait in line at the politicians' door hoping they have not reduced benefits, or raised the retirement age.
Private retirement accounts as proposed by the Cato Institute would give us all direct and immediate ownership of payroll deductions paid into them. Over a 40 year career this "money in the bank" (or stocks or bonds or all three) would accumulate to approximately double or triple the current benefits paid. And even better, since we would own these accounts, the unused portions can be passed on to heirs.
There is no future in retaining a socialistic tax and redistribute plan like we have now. We should yank it up by the roots and replace it with something truly American. Private money invested in the future of ourselves and our country.
