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Erica Woodward in the Patrick Henry Herald
November 06th 11:00:18 AM
Opponents of effective social security reform are rejoicing over their apparent success in steamrolling President Bush's privatization initiative. They would be wise, however, not to take this perceived victory for granted. Thanks to grassroots organizations like Students for Saving Social Security (S4), a non-partisan student group with more than 250 chapters in over 48 states nationwide, the proverbial call to arms has been sounded, and the troops are mobilized and ready for battle.
Social security reform is not simply the latest trend for college students seeking a fashionable cause; it is an issue demanding serious attention. While politicians in Washington bury their collective head in the sand, the crisis looms larger and larger. Our generation faces the certainty of an 11 trillion dollar deficit in Social Security unless something is done to restore solvency. As it currently operates, Social Security is a pay-as-you-go program, meaning that the benefits distributed to current retirees are obtained from the payroll taxes of current workers. The mythical “Social Security lockbox” does not exist. Without the incorporation of personal accounts, payroll taxes will be required to increase by 50% or benefits will have to be cut by 25% in order to maintain solvency of any kind. These policies would be devastating to our economy, job market, and wallets! Personal accounts, in contrast, would not only restore freedom of choice—allowing Americans to opt out of the current broken system in favor of any number of private investment plans, varying in levels of risk and rate of return—but would be a boon to American entrepreneurship and productivity.
What most Americans fail to realize is that the system as it currently operates is a gross aberration. Social Security was never intended to become the entrenched third rail of American politics, nor was it meant to serve as simply another Congressional piggybank. Even President Roosevelt, architect of the venerated New Deal, didn’t envision Social Security existing permanently as a federally managed program. The only way to save this floundering enterprise is to enact reforms to reestablish its original intent and function: Give Americans ownership of their retirement savings by incorporating an option for personal accounts!
Students for Saving Social Security has put Washington on notice: We’re not going to stand idly by while our liberty is trampled and our financial future compromised. America’s youth cannot risk the consequences of inaction on this crucial matter.
Posted by Chris Schrimpf
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