FDR's folly? I don't think so.
When the Social Security program was launched, it was modeled after the German Railroad Pension Program. The age for retirement and collecting was set at 65. The average life expectancy was 59 at the time, so the average person would not collect a dime.
But anti-biotics were launched shortly after, and it played a key role in prolonging life. And then the dummies in Washington introduced early retirement at age 62 when the average life expectancy had stretched out to years beyond that.
And then, the thieves in Washington, in their infinite wisdom, began raiding the Social Security Fund and leaving I.O.U.s. And at the same time, folks like Sen Dole and others took credit for resolving the problem with Social Security with a huge tax increase. But here we are again, and guess what, it was not solved.
Now, they claim it will blow up in the 30s at some point, and they do nothing. NOTHING!!!! Congress should not get a pension when key problems are left unresolved.
End collecting Social Security at 62 or any age prior to the Full Retirement Age of 67. For everyone under age 50, move FRA to age 70.
And the time has come to start a new program, where dollars flowing into the new accounts go into accounts in the name of the future recipient, and cannot be touched until age 67. Start at a rate of 1%, and increase it an additional 1% every other year, until the person is up to 10%. Continue with the existing tax structure until the number of recipients begin to dwindle to warrant the lowering of the rate. Eventually, only the new program will exist, and the current Social Security Tax is phased out. And then, the thieves in Washington can no longer steal a person's private account.
