Averting a Crisis in Social Security
Social Security is a system in crisis. While today there are enough taxes coming in to pay current benefits, a little more than a decade from now that won’t be the case.
The only way to save Social Security for generations to come, and give all Americans a better deal on their payroll tax dollar, is to enact individually owned and controlled personal retirement accounts. Current retirees have put decades of trust in Social Security, and any reform should not affect them. However, younger workers need the power of compound interest that only private capital markets can provide.
Some politicians try to scare seniors by saying that PRAs will mean a cut in benefits; nothing could be further from the truth. PRAs ensure that Social Security will be around for decades to come and that the draconian payroll tax hikes or benefits cuts that will be needed without reform can be averted.
Matthew Addiss
Van Nuys
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