George W Bush 2000

Here s an interesting read from Jed Graham writing for Investor s Business Daily who argues that Social Security s function has mutated over the years, and that funding/early retirement challenges may be overcome through voluntarily personal investment accounts.

Those who resist amending the Social Security system are unrealistically expecting a program that fit several generations ago to fit modern day retirees. But, Erin Robert, a senior at The College of the Holy Cross and a member of Students for Saving Social Security, explains why it's time for Social Security to change with the times. "I'd like to think that I ll have my 21 year-old physique when I'm seventy, but I know I won't. My body will continue to change, and I will soon enough exchange stilettos for sensible shoes. That's why I can t understand that 70 years after its birth, some still deny the need to fix the Social Security system." And according to Erin, "[p]ersonal Retirement Accounts are the logical solution. PRAs allow increasingly financially-savvy Americans to invest - that is, to own - a part of their retirement. PRAs would improve the Social Security program, eliminating the demographic problem associated with a pay-as-you-go system."

As Erin understands today's "Levi's (jeans) aren't going to hold up for the next 70 years - regardless of how many patches" you use. "Social Security is no different. On its 70th birthday, it's time for Social Security to act its age."