Fixing the National Ponzi Scheme
Robert Pozen outlines his plan for dealing with the Social (In)security system.
And here’s mine:
1) Set up voluntary private accounts.
2) Set up a voluntary opt-out system, under which those of us with 40 credits (but not yet at retirement age) can choose to stay in the system, completely, or to freeze our future Ponzi Scheme benefit streams in exchange for the gummint not imposing FICA taxes upon us from that point forward.
3) Sunset the entire system 20 years out.
4) When 2025 comes along, merge the system with Section 8 and Medi-caid.
Of course, the reflexive-contrarian “conservative” viewpoint will be that substantial reforms “will never happen.”
And that’s exactly what they said about welfare reform, NAFTA, the U.S.-Singapore free-trade pact, dividend tax reform, capital gains tax reform, income tax reforms, ANWR drilling, Medi-caid spending austerity, the Real ID Act, bankruptcy reform, and tort reforms.
Three more Santorums or five more Specters.
Then just sit back and watch the show ….
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