The Social Security Trust Fund is expected to start paying out more than it's taking in within the next few years. What options do you think should be explored to address the problem? Which is your favorite? Why?Congressman Wall Street answered:
The most important thing to remember is that anybody who is already retired or close to retirement has to get all the benefits they were promised without any changes whatsoever. When I was in the House, I co-sponsored legislation that would make it out of order for Congress to even consider legislation that would in any way cut the benefits of senior citizens. That's important. But anybody who takes an honest look at this system knows that in its current form it's not sustainable for future generations. That's why I've advocated that young workers get an opportunity in a reformed Social Security program to, if they choose, accumulate some savings as a way to provide a portion of their retirement benefit. I think this would be very helpful to young workers, and make the program sustainable for the future. [emphasis added.]He never gets around to explaining how those who are retired now will still "get all the benefits they were promised" while reducing the funds flowing into the system. Those funds would be the "accumulated" savings of those "young workers" he talked about. Never gets around to showing how this will help "sustain" Social Security in the future.
I've said it before. If it walks like a duck...
Pat Toomey, Social Security privatizer.