Speaking of Social Security

Did anyone see this article? It's from Interestalert.com. House Speaker Dennis Hastert used a 1935 Ford three Window Coupe to illustrate that what worked in 1935 isn't necessarily going to work in 2005 much less in 2035. Is Social Security going bankrupt? I don't know. It seems like everyone has an opinion on this. One thing everyone seems to agree on is that it does need some work. Some say now, others say later. I've found that if you fix something now, it's a lot less expensive to fix than if you wait.

Let's fix Social Security now.

Thanks to GOPBloggers for the link.

And here is a link to Blogs For Bush. Matt Margolis did an interview with Stephen Moore, President of Free Enterprise Fund.

Mr. Moore brought up several points one of which I hadn't thought about.

"One of the misconceptions about personal accounts is that Social Security funds would be turned over to private Wall Street investment firms--this is the whole reasons Dems insist of calling personal accounts "privatization"--when people hear that word they think of corporate control. Personal accounts would be owned and controlled by individuals, who would be able to accumulate personal wealth. Moynihan used to say that personal accounts are about the doorman retiring wealthy, not just the people in the penthouse."

So, from this point on, in this Little Corner, PRA stands for Personal Retirement Accounts.

Another point brought out:

"The biggest misconception is that personal accounts are riskier than what we have now. What we've got now is a tax that goes directly from current workers to current retirees, and that just can't work when we have only 2 workers per retiree. This scheme is so risky that more young workers believe in UFOs than believe they will ever actually receive Social Security benefits. In the long-term, nothing is less risky than a diversified portfolio of equity investments. "

Social Security is a house of cards just waiting to fall down. I'll be writing to my congressional representatives telling them I want a Personal Retirement Account and I want it now. I want to know how they stand on it (and I'll include my spreadsheet to show I know what I'm talking about), and that unless they can prove to me that PRA's won't work, if they want my vote when they come up for re-election, they had better support and vote for PRA's.

In fact, I have another issue that goes hand-in-hand with this: Tax reform. It's a two-fer. Support and vote for both or I will not vote for you at the next election.

You really need to read the entire interview.

Go. Now. Read it!

And from Hillnews.com Senator Chuck Grassley (R-Iowa) said “Either it’s going to happen in the next eight to nine months, or it won’t happen for the next eight to nine years.”

Let's hope it's in the next eight to nine months.

And Blogs for Bush has an archive of Social Security posts.