Social Security Reform on an Index Card

Personal Savings Accounts (PSA) are funded just like Social Security benefits. The money comes from payroll taxes. When payroll taxes aren't enough to fund the PSAs and pay benefits, the Social Security Trust Fund will be tapped. Since the SSTF has been embezzled already, that money must come from other revenue sources. Opponents call this borrowing, but the "borrowing" must happen anyway because the Trust Fund is gone. Opponents claim benefits will be cut for all. This is a flat lie. The lie has a source, though. Opponents claim that, as part of reform, benefit growth would be reduced. This reduction is not being seriously considered, wouldn't help anyway, and is just being used to promote fear of change. Over 55? Nothing changes. Don't like change? Fine, opt out if you choose. Don't like stocks? That's okay, choose not to invest your money in them. Don't like the idea of lower and middle income people being able to own some of their Social Security funds to pass on to their children and grandchildren? You must be Ben Chandler.