But a surplus is a convenience, not a necessity. They made the change, however, because they realized that private accounts are the best way of providing security and comfort to the elderly. They also realized that it's a good way to save money in the long term. Social Security reform, after all, is like refinancing a house when interest rates go down. In the final analysis, though, Social Security reform is not about numbers.
Personal accounts ensure that today's workers can enjoy a safe and comfortable retirement.
By allowing younger workers to shift some of their payroll tax to private accounts, federal lawmakers could allow them to accumulate a substantial nest egg based on real savings, not political promises. Social Security reform will be easier with a surplus, and the President's plan certainly leaves a big pile of money to help make this happen. But the program needs reform regardless of current budget projections.