The U.S. Treasury Department is forecasting big trouble for Social Security in the coming years. Currently, it is saying the only way to avoid these problems is to either cut benefits or raise Social Security taxes or some combination of both. Their statistics would seem to bear that out.
I have a major problem with the idea of cutting benefits. I am still rather miffed over having my Social Security retirement age pushed back. Altering the promised benefits is breaking faith with the people who have paid into the system for so many years. Whatever we do, we must not do that!
Proper planning for retirement normally takes years. Some forward thinking people actually start their planning from the time they enter the workforce. Along the way, some have taken their retirement savings to start this or that business to try to provide an even better future for themselves. They have taken risks. Sometimes those ventures did not pan out, but they knew their Social Security would be there to fall back on. In a way, having Social Security has been a way of encouraging new business ventures.
No! We must not break faith with the people who have been paying into the system. It is immoral. That option must be taken off the table. There are other solutions.
That's my two cents.
Wade Houston
September 24, 2007
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