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Social Security: No more demagoguery
Social Security is broken. The actuarial tables have caught up with a pyramid scheme that is not sustainable. The I.O.U.s that fill the "trust fund" that isn't will have to be "called" within 20 years. They'll be "covered" by spending cuts, more borrowing or higher taxes.
Care to guess what government's preferred "solution" will be?
There's already talk of raising the $90,000 income cap on which Social Security taxes now are collected to restore fake "solvency" to the program. Nothing like a massive tax increase on the entrepreneurial class to "fix" things, eh?
The only real way to fix Social Security is, over the long haul, to convert this socialist wealth-redistribution scheme into a free-market, wealth-creation program. And the best place to start is with the modest private accounts the Bush administration proposes.
Even factoring normal market ups and downs, private accounts will -- conservatively invested and over the long term -- provide workers of every socioeconomic class with a better, and inheritable, retirement income.
Social Security reform has been demagogued to death by those of every political persuasion. Enough. It's time to act. Preservation of the republic as the Founders intended is at stake.
