R.C. Longworth attempts to minimize the problems facing Social Security by referring to fixes for it as merely requiring more congressional tinkering, including changing the retirement age to 70, ending the cap on payroll taxes and cutting cost-of-living adjustments for benefits. His references to the uncertainty/dangers in allowing individuals to invest Social Security money privately and the “enrichment” it would give Wall Street were to me not convincing.
Social Security is complex, but common sense and knowledge tells me the following:
– Allowing people to invest their own money to provide capital for enterprises would be much more productive, as well as rewarding, for the investor than using it merely in a transfer of funds from workers to retirees.
– Private investment is less unsure over the long run than having to rely on the tinkering of Congress, particularly in light of Longworth’s tinkering list which, if extrapolated over time, could effectively eliminate Social Security.
– Private investment firms are far more worthy of my trust than Washington politicians, who have over the years demonstrated their lack of financial responsibility and discipline by nearly bankrupting our government and bouncing checks at astounding rates in their own congressional banks.
– Almost all people collecting Social Security already depend to varying extents on sources of private investment income to provide for a viable retirement.
– Perhaps future debates can overcome the tyranny of the status quo, as advocated so stridently by Longworth in his article, and allow a rational discussion of transitioning out of Social Security and allowing individuals to make their own savings decisions, just as they do with most other important aspects of their lives.
