``I must give him his due. He has considerably cretinized me.'' Lautréamont

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Monday, May 08, 2006

Social Security Endures (NYT)


the only thing that will fix social security, and it's easy, is raising the retirement age for benefits, to match the number of workers supporting the current retirees to what they are willing to work to support.

the benefit of social security is it's an inflation adjusted annuity that guarantees you won't outlive your money, something you can't buy in the private market.

it depends simply on the fact, like all insurance, that most people will die sooner. But they're insuring themselves against a possibility.

benefit cuts, accordingly, ruin the program.

if you want to retire sooner than the raised retirement age, save for yourself to bridge the gap.

To that end, phasing in a modest package of benefit cuts and tax increases over the next several decades is the best way to ensure that the system won't come up short a generation from now.


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