Taxpayers should be allowed to direct a portion of their Social Security payroll taxes into personal retirement accounts, and have substantial control over how that money is invested. Make structural changes to reduce the long-term costs of the program. These changes must be phased in, so that current and pending beneficiaries are not unduly affected by unanticipated changes to the system. Minimize transition costs and pay for them fairly. Transition costs should not be paid for by any one generation, but should be paid as broadly as possible.
Balance is important.