Replies

Way, way back, actually in 1976 as I was in grad school I proposed that SS was a scam and needed to be radically overhauled.

Now, I was just a stupid 22 yo at the time, but, I suggested that we “grandfather” all those age 50+ and pay any excesses out of the general accounts.

Any under age 50 had a very simple choice to make. . .

On one hand they could go with SS and the deal was that they would get an annuity based upon payments in and adjusted life payments out (I called this the super safe option).

Or, they could elect to open a private account (with all the monies paid into SS to date being transferred to this account) and they and the funds from their employer must be deposited therein and they could choose from a selection of investments (ranging from simple MM to 100% stocks and anything in between). But, for this option they could not cash out until retirement, but, should they die before retirement their family got the funds).

This led to quite a lively debate, especially with my Democrat leaning fellow students. Ah, the stupid never learn!

Perry is on the right track, especially, when you realize in addition to asking the young workers to fund SS these same young workers are being squeezed out of getting into the job market by the same bunch of “boomers” who are staying in place to make up losses.

Go Perry, go.

Your post is interesting. You are only a couple of years older than me and just about at the same time I had the same thoughts about Social Security. My thoughts were initiated after listening to a lecture from Milton Friedman about the same topic. His ideas on Social Security were just about the same as yours if I remember correctly. He advocated a similar method of phasing out Social Security.

Did you get your ideas from Friedman or did you come to the same conclusions on your own. Doesn't matter really. We were all correct about how Social Security was eventually gonna collapse or need huge structural changes to keep it from collapsing.

BTW, I'm supporting Perry on this one as well. He's showing some courage by speaking the truth. Very refreshing.