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2008-11-03 05:15:58
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Article by David Lewis |
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I don't need to harp on the fact that social security is doomed unless some politicians comes up with a slick way to reorganize the Government-backed retirement scheme for a few more years than its projected bankruptcy. Kudos to Brad at the unrepentantindividual. com for a wonderful review of Part D (gosh with all of the different parts of social security, it's starting to become like a terrible series of sequels to a bad movie).
Social Security privatization and the many attempts to "save" Social Security will, I think, fail. The best way to "save" the system is to let it die. Sell off unnecessary Government holdings and pay everyone back what they paid in plus interest. This solves two problems: It increases the amount of privately owned property in America - good for Capitalist America - and it dissolves the longest running (and only legal) Ponzi scheme in American history.
I know that that may sound like a "radical" idea, but it isn't. Listen to the Government Accountability Office (the GAO). While they don't explicitly endorse the dismantling of the SSA, they do acknowledge that "tough choices" will have to be made. There is no way to grow our way out of the predicament we've gotten ourselves into. One or more of these entitlement programs must go. One could argue that all of them should go, but the GAO does at least understand that we simply cannot continue to promise these kinds of benefits to retirees. Even if you wanted to, there's just no way to (financially) support the payouts.
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