Fix Social Security?

I'm not sure if I read this comment or heard it on the news or radio. It came from a younger person (younger is relative when you're in your early 40's!).

For the most part, this person was happy with the Bush proposal to allow workers to opt in to a plan similar to the Federal employee's Thrift Savings Plan and contribute up to 4% of their pre-tax income, normally withheld for social security, to other investment funds. The comment I found interesting was something like this: "How does this save Social Security?"

The simple answer is, it doesn't. It should not be designed to save a failing program - it should be, and is, designed to replace it with a better plan, where we as individual citizens have better control of our personal retirements without the need to rely on future generations to fund it for us.

An interesting tangent in this discussion needs to focus on the child bearing practices of those on the "Social Security must stay" left. There are a number of articles and studies done that show that more liberal couples tend to have fewer, if any, children because of certain liberal beliefs: over-population, scarce resources, impact on the environment, fairness to the child, etc. In addition, the number of abortions tends to be higher in this group as well.

This group then demands that Social Security - as it now operates - must not be tampered with. (With the exception of some now suggesting that the "wealthy" should pay more - typical 'transfer of wealth' ideology)

The problem is actuarial. As the program currently operates, workers today are not paying into a personal account for the future. They are paying the benefits of those who are retired today (and a multitude of other recipients who the Democrats have added over the years). As the baby-boom retires, there will not be enough workers to pay for the benefits the boomers expect without large increase in withholding (You know, that FICA guy who keeps taking money from your paycheck).

So, I'll wait for someone on the left to propose more children. But rather than hold my breath, I'll support the better option: Bush's plan.