Four pieces of information about Social Security that the media have not adequately reported to the public:
– There is no surplus from prior payments. The money has been spent and we have an IOU from a government already in debt. The problem gets worse as people continue to live longer.
– Under any calculation an individual would have more money for his or her retirement and family if he or she could actually own his or her own account.
– The positive impact on the economy would be substantial. The billions of dollars of savings, not IOUs, would be available for investment like deposits in a bank.
– The scare tactic about investing in “risky” stocks is shameful. The investments would be controlled and conservative. I wonder how critics think the government could collect tax dollars to pay Social Security in the doomsday environment they try to scare people with.
Let’s have a fair debate that includes some real math on this important issue.
