How to Fix Social Security

You can't cut benefits across the board, because the people who need it need the whole thing. I'd also like to see an opt-out option. Maybe if you opt to privatize half, you only get 25% of the SS benefit. Dunno, it's an antiquated system built for a different generation.

The best solution is to just prepare for retirement without even thinking about social security. I personally would like to take that percentage of my check and put it into something that will definitely be there for me when I'm 65.

Privatizing is the most efficient use of our money, by far. Any other solution makes no sense from an economic standpoint.

Pull out of Iraq, decrease the defence budget to a quarter of what it is, start negotiating for drugs, repeal the Bush tax cut and strengthen the "death tax."

I support a general phasing out of Social Security over time, and eventually a total elimination of it.

I realize that means that I will be paying a social security tax for the first few years I work, and I will never see any of that money again. I'm fine with that. I kinda view taxes as throwing money into the fire anyway, even though it's obviously necessary to support a vast majority of public help systems. That doesn't mean I expect my tax dollars to all be spent wisely...in fact a good portion of tax dollars are relatively pissed away.

I think the closer someone is to retirement (right now), the more it becomes necessary to have social security for them, since they dont have nearly as much time to develop an alternate retirement plan as I do.

I'm 20, and I can totally save enough for retirement where I don't have to depend on a dime from social security. I have no problem if they take a chunk of my starting salary and put it in the SS fund of some 50 year old guy who is totally dependent on his social security check.

But ten years from now, I would hope that people are planning to retire without social security as a crutch. If I'm not going to benefit from social security, I would expect not to be paying a social security tax when I'm 40.

Privatizing is the most efficient use of our money, by far. Any other solution makes no sense from an economic standpoint.
True, but economics isn't always the most realistic solution to a financial problem. You can't assume away the irrational actor when it comes to the types of people relying on social security.

Even if it was sustainable (which it isn't), with the accelerating rate of inflation looming, $520 isn't going to buy a decent pair of shoes in 40 years. Of course, since the tax is a percentage, I would be paying well more in tax than I would ever receive.

The only wrong answer here is to increase the tax. Even if we do nothing, at least the fund will exhaust itself, and then the program will be dead anyway...its just that a bunch of people will be screwed since they were dependent on it.

True, but economics isn't always the most realistic solution to a financial problem. You can't assume away the irrational actor when it comes to the types of people relying on social security.

Actually economics is exactly the most realistic way to fixing a financial problem. I think you mean mathematics isn't the best way. Economics does in fact at its core rely on people acting in a way that is predictable. Predictably good or bad depending on the situation.

True, but economics isn't always the most realistic solution to a financial problem. You can't assume away the irrational actor when it comes to the types of people relying on social security.Is there any particular example where this statement has actually held water?

I don't know one way or another, but it just sounds incorrect.

I say privatize it so that the majority of your money goes into something that can build compound intrest, for one.

Secondly, if the govt decides to dip into it, there is a smaller portion that they would be able to touch.

Overall it is a win, win, win.

Economy, beneficiary, govt.

I voted privatize for the same reason you mention. Good post.