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Any alternatives to Social Security?
Okay, I think we can all come to a general consensus that Social Security is, inexorably, going to go bankrupt if left at its current state. Taking into note that Bush has basically, seemingly given up on privatization (which I was actually half and half on) and actually taken a more liberal (and dare I say socialist) approach towards it (with the whole "give more to the poor" idea which sounds like redistribution), what are some plans and/or ideas you have (if you live in the US) to reform or change it.
I say we get rid of the program altogether. I know, a very crass, brash, almost asinine statement to make. But it seems that this is just another program that government can't accomplish any more, it's exceeded their boundaries. Places like Galveston county Texas had the option to opt out of Social Security a while back, and they did so. They took up a plan in which the employees pay the same amount to the fund that they were paying to Social Security, then the counties would "match" these payments just like an employer would . Basically the same process, and the employee is still paying the entire amount.
Each employee contribution was 13.78 % towards retirement. 9.737 % was paid to a private retirement account which would return 6.5% added up on a daily basis. The rest was for disability and life insurance to cover accidents.
Putting this into perspective, a person earning $20,000 a year could stand to earn $775 a month under Social Security. Whereas, under this plan, the same person with the same income would earn $2,740 a month.
A person with a $50,000 a year income could stand to earn about $1,302 a month from Social Security or about $15,600 a year. Under the Galveston county plan they could earn upwards of around $6,843 a month or $82,000 a year. $32,000 a year more than they made when they were actually working.
Now the reason I was for privatization is for this simple reason: it's your money, and the current system is doomed as is. Sure, it defies the general intentions for why this program is set up. But this is one thing you don't just decide "I'm going down with the ship". I could care less about the original intention of a program, if that program isn't going to fulfill what it needs to fulfill, then it's time to move on.
I dunno, I guess it seems a little radical to those who like the system and are more into keeping it the way it is.
Thoughts? Flames? I expect both 
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