Let's Get Rid of Social Security: How Americans Can Take Charge of Their Own Future - Tapa dura

Millions of Americans believe Social Security will be bankrupt by the time they retire; they resent contributing to a system that may never benefit them. Others want to opt out of the system and see to their own retirement needs. The Social Security system has problems . . . but what should we do?

"The answer is obvious," says E.J. Myers. "We must get rid of Social Security as we now know it and replace the system with one based on privatization and consolidation." According to Myers's plan, retirees all 80,000,000 Baby Boomers could receive over $5,000 per month at age 65 instead of the $1,138 per month under the current plan. In addition, his plan would keep all benefits for current recipients, and those about to retire, at the same levels they are today. He projects an investment plan designed to cancel the entire debt (over $400 billion to date) the Treasury Department owes the Social Security Trust Funds.

Can the Social Security system be restructured without risking the benefits of current recipients while at the same time controlling for the political sleight-of-hand that has brought the program to the point of collapse? Author E. J. Myers shows just how easily it can be done once America's biggest retirement program is removed from political control and put into the hands of America's workers. His plan to privatize the retirement system in an income-generating investment structure would safeguard the benefits of current retirees and those about to retire while creating a bold new program for younger workers that could secure for them a retirement package beyond anything Social Security could ever promise - just by modifying a federal retirement plan already in place. And all this can be done without altering the current level of Social Security tax or benefits, without forcing the federal government to repay the hundreds of billions of dollars it has "borrowed" from the Social Security Trust Funds, and without forcing future generations to pay for the retirement of their elders while they are saving for their own.