Yesterday President Bush announced the creation of a Presidential Commission to bring the Social Security program in line with reality in the 21st Century. Most of the younger generation believe they are more apt to see a visitor from outer space in their lives than a social security check and they have good reason for thinking that. However, we have not had a leader willing to tell the American people the truth and then back desperately needed changes in the program. When Social Security was created there was about 40 workers paying Social Security taxes for every one retiree receiving benefits. Long life is a blessing.
Smaller families are an individual choice.
But the consequence of this blessing and this choice is that the Social Security payroll tax, which was once 2 percent, has now passed 12 percent. Furthermore, some of today's youth not only would have parents on Social Security, they also could have grandparents and even some great-grandparents getting Social Security from their paychecks. Second, Social Security reform must return the Social Security system to sound financial footing. Third, Social Security reform must offer personal savings accounts to younger workers who want them. Today, young workers who pay into Social Security might as well be saving their money in their mattresses.