A portion of Social Security payroll taxes should be replaced with personal retirement savings accounts. Those accounts would then be invested by the worker in carefully screened stocks, bonds and other financial assets. This system would give us control over our own money and allow us to invest it in the interest of our own families. Americans have been duped. Our senior citizens are currently being rallied to support saving Social Security by those who wish to protect the current system.
Fear is the motivation.
It is time for the baby boomer generation to begin collecting their share of benefits from Social Security and the scare tactics being employed to influence them are working to some degree. The fact is that no one will deny them that which they richly deserve. The amount of money received into the system today allows for the continuing payment of retirement checks to those currently on the system in addition to those rapidly approaching retirement. That same pot of gold also allows the government to restructure the system into one of personalized retirement accounts for all Americans right now before it becomes a major crisis facing America in the midst of an economic downturn. If senior citizens were given the truth, they too would understand how vital it is that their children and grandchildren have the opportunity to accumulate wealth through retirement savings investments.