Kerry Blogger Promotes Social Security Reform in BusinessWeek Magazine
I'm against the President's risky and costly privatization plan for Social Security, however I believe the program does need long term adjustments at some point. In my letter, as I've stated on the IFK site frequently, I advocate for gradual increases in the taxable payroll amount mixed with an increase in the retirement age to be phased in over time. These tweaks, to make SS remain solvent for future generations, could be accompanied with more incentives to encourage individual investment in 401(k)s and IRA's to offset any possible reduction in future benefits.
On the other hand the President's current SS privatization plan of choice does little to actually offset his proposed cuts in benefits (indexing payment to inflation rather than wage increases), while creates a windfall for the investment and financial community. In essence his plan would cut benefits drastically for today's younger workers like myself, while gutting the "Security" aspect of Social Security Insurance, relying on the market to overcome large benefit reductions.
I hope the Dems are listening and ready to fight a Republican Party hell bent on dismantling one of the best run and most beloved government programs of all time.
READ: Revamp Social Security? Just Tweak 401(k)s And IRAs