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Social insecurity page 2
Social Security fund in trouble

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Date published: 1/10/2013


"[D]oing nothing to shore up Social Security's insolvency is irresponsible," the professors say. Yet that is exactly what our dysfunctional government is doing--nothing. Attempts by rational minds in the political cadre to address the problem are met with histrionics, slander, and hyperbole.

What should be done to save Social Security? Professor King and Mr. Soneji suggest many options, including raising the retirement age, reducing benefits, or increasing payroll taxes.

Another suggestion--one championed by Paul Ryan and routinely misrepresented by opponents--is to at least partially privatize Social Security. Allowing the shifting of some retirement funds into the private investment market could work well for recipients, provided that safeguards are in place--for example, making the program voluntary, offering it only to younger workers, and guaranteeing that the payout will be no less than standard Social Security.

Mr. King and Mr. Soneji are not politicians. They are not lobbyists or talking media heads. Ignoring their concerns about Social Security would be as foolish as, well, ignoring your doctor's advice to have that lump biopsied or keep eating those McGreasys.

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