As you said there’s not going to be any easy solutions. I’d just like to see earnest discussion at this point.
The basic problem with SS is that the money is used by the government. Supposedly the gov ‘invests’ it in projects that will grow the economy but their impulse is to invest in projects that will get votes.
Defined contribution plans are invested in business and their impulse IS to grow the economy.
Growth being what enables the future payments to be made, and not votes, the SS scheme is inherently flawed.
Also, of course, the SS scheme does not allow for the retention of wealth. But that is because of it’s ‘insurance’ instead of ‘pension’ aspect.
Hmmm, I guess the second step would be to separate those two. There was recently a large transfer of SS funds to SSI to keep it solvent.
I remember Reagan made an audit of SSI and threw a whole lot of scammers off. Congress responded by making that harder to do LOL!
I’m in agreement with your premise this won’t be an easy over-night issue.
I’ve tossed out some ideas, as have you that can get the conversation started.
The ideas I’ve tossed out are not perfection. I do think they could be a good basis for tweaking.
Our tax reductions right now, should set the stage for massive new federal tax receipts, and float a number of boats including paying down the national debt if done right.
Couple that with the revamping of SS/MC, and in 30-40 years, we no longer have government mandates to be gamed any longer.
We get government out of the those games, and let private enterprise take over.