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Now Social Security?

Last week I commented on the unspoken (at least by anyone who wants to be President) state of Medicare.  Now it appears that Social Security is a mess too.  (I know, big surprise!)  In the March 31, 2008 edition of Fortune, Allan Sloan reports that in about 10 years, Social Security will start spending more money than it takes in.  By 2020, the number is – $96 billion.

Here are our options:  1)  Raise the minimum retirement age;  2)  Increase the employer and employee contributions from their respective 7.65% rates;  3)  Reduce current and/or future payouts, or 4)  Get rid of the whole thing and force people to take personal responsibility for their retirement.

Of the options, I like #4.

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#1 Pingback By Nightly Ramble: Gonna fly now, Please fence me in, Was ‘Free” really worth it?. and more | BitsBlog On April 2, 2008 @ 3:25 pm

[…] DJ Durant over at Conservative Reader notes increased discussion on Socialist Security. He’s right of course… just ditch the stupid thing is the best option of the bunch. Then again, people have been paying into it all this time, so it’ll have to be a ramp-down. However that might be, I don’t suppose anyone in power will ever have the stones to even think about proposing such a move, without some serious PR… like… years of it, saying why such a thing should happen. — Clicking here supports BitsBlog– […]

#2 Comment By Jimmy Jurich On March 23, 2010 @ 10:59 pm

Then again, the opposite could be true. – When we played softball, I’d steal second base, feel guilty and go back. – Woody Allen Born 1935